In a move that’s shaking up the tech and automotive world, Tesla shareholders have overwhelmingly approved Elon Musk’s astronomical $1 trillion compensation package. With over 75 percent of shares voting in favor, Musk is set to receive more than 423 million additional shares, potentially increasing his stake in the company from 15 to 25 percent.

The compensation package is contingent on achieving some truly ambitious milestones. Musk must dramatically expand Tesla’s market capitalization from $1.5 trillion to a staggering $8.5 trillion within a decade. Additionally, he needs to put 1 million robotaxis into service, sell 12 million cars, secure 10 million Full Self-Driving subscriptions, and launch 1 million humanoid robots.

Despite the overwhelming support, the vote wasn’t without significant opposition. Major shareholders like Norway’s sovereign wealth fund and several public pension systems voiced concerns about the unprecedented pay structure. Proxy advisory firms Institutional Shareholder Services and Glass Lewis also publicly opposed the proposal.

The approval comes at a critical time for Tesla, which is facing increasing challenges in the competitive electric vehicle market. The company’s recent product launches, including the much-hyped Cybertruck, have received mixed reviews, and competition from international automakers, particularly those in China, is intensifying.

Musk’s previous compensation package was invalidated by a Delaware court, prompting Tesla to move its legal domicile to Texas. This recent vote not only secures Musk’s massive compensation but also reinforces the board’s commitment to his vision of transforming Tesla into a leader in AI and robotics.

As the tech world watches closely, this vote represents more than just a financial transaction, it’s a statement about Tesla’s future and Musk’s continued central role in shaping that trajectory. Whether Musk can achieve these ambitious goals remains to be seen, but one thing is certain: the automotive and technology landscapes will be watching intently.