Tesla shareholders approved CEO Elon Musk’s $1 trillion pay package Thursday.
The proposal, which requires Musk to grow the EV giant’s valuation and hit certain production goals like vehicle deliveries, overwhelmingly passed despite an unusual amount of resistance, The Washington Post reported. Critics said the milestones are too weak, and that Musk is distracted by side ventures. Musk argued, however, that he “drove [Tesla] to where it is and without me it’s going to fail,” one expert summarized.
The pay deal is set to shepherd in a new era of executive compensation, and comes at a pivotal time for Tesla: Profits have fallen amid its challenges in Europe and China.