Tesla shareholders decisively supported proposals to affirm Elon Musk’s multibillion-dollar pay package, with approximately 72% of voting shares backing the compensation plan. This outcome, excluding stock owned by Musk and his brother Kimbal, was revealed on Friday following Tesla’s annual shareholder meeting on Thursday.

Concerns had been mounting among Tesla investors regarding Musk’s level of engagement in managing the electric car company, particularly after a judge in Delaware voided his pay package. The compensation plan mandates that Musk holds the shares for at least five years before selling them, with the value subject to fluctuation during that period. At Thursday’s closing price, the shares are worth around $48 billion.

Following the vote, Musk reassured shareholders of his commitment to Tesla. He emphasized that the pay package “is not actually cash, and I can’t cut and run, nor would I want to.”

Tesla’s stock saw a nearly 3% increase on Thursday and continued to rise by about 1% in premarket trading on Friday. This upward trend followed Musk’s announcement that the pay vote was set to be approved, even before the official results were disclosed. Musk’s supporters celebrated the vote, and analysts revised their outlook on Tesla’s prospects.

Analysts at Bernstein described the outcome as a “vote of confidence in Elon.” They noted that, despite some legal uncertainties, the vote significantly mitigated concerns about Musk potentially leaving the company or diverting his focus elsewhere.

Tesla’s board is hopeful that this second confirmation of the pay award, initially approved in 2018, will persuade the Delaware court to reverse its ruling. The judge had previously deemed the award excessive and dictated by Musk to a board with personal ties to him.

With the pay package, Musk’s ownership in Tesla would increase to 20.5% from about 13%. Musk has expressed his desire for a 25% stake, which he believes would be “enough to be influential, but not so much that I can’t be overturned.” Without achieving this stake, he indicated a preference for building products outside of Tesla.

Despite the stock’s recent rise, Tesla’s shares are down more than 20% this year, compared to a 14% gain in the broader stock market. The company, valued at nearly $600 billion, remains the most valuable car manufacturer, although concerns over increased competition and declining demand for its models have impacted the stock.

At the shareholder meeting, Musk remained optimistic about Tesla’s self-driving technology, including a proposed fleet of robotaxis, and the potential for the company’s humanoid robot, Optimus, to become a multitrillion-dollar business.

Market analysts are divided on Tesla’s future, with about 40% rating the stock a “buy,” 20% a “sell,” and the rest a “hold,” according to FactSet. Price forecasts vary widely, averaging out to the current trading price. Bernstein analysts predict a 30% decline, rating the stock as “underperform,” while Wedbush analysts are more optimistic, forecasting a 50% increase and rating it an “outperform.”