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Elon Musk’s hefty compensation package, potentially worth hundreds of billions of dollars, has been ratified by Tesla shareholders, even as the company grapples with rising competition and scrutiny over its CEO’s multi-company commitments. The approval defies recommendations from some influential shareholders and proxy advisors who questioned the size and structure of the award.

The performance-based plan hinges on Musk achieving aggressive growth targets, including substantial increases in Tesla’s market cap and the successful rollout of autonomous vehicles and humanoid robots. Detractors argue the package is exorbitant and points to a potential lack of board independence. Others worry about Musk’s divided attention across his numerous ventures, including SpaceX and X, and the impact of his increasingly public political stances on Tesla’s brand.

In addition to the pay package approval, shareholders also voted to relocate Tesla’s legal headquarters from Delaware to Texas, a move intended to circumvent a previous court ruling that nullified Musk’s initial compensation agreement.