Update 1730EST: Tesla shareholders approved a massive new compensation package for Elon Musk, potentially worth up to $1 trillion, with more than 75% voting in favor at the company's Austin annual meeting.

However, as noted earlier, the full compensation would only be delivered if Musk vaults the company from its present value of $1.1 trillion to $8.5 trillion, a figure that exceeds the current combined market values of Meta, Microsoft and Google-parent Alphabet, the filing says. 

The compensation package also includes a set of production goals, including one million Robotaxis in commercial operation and the delivery of one million humanoid robots over the next 10 years, according to the securities filing.

The decision, celebrated by Musk onstage alongside Tesla's humanoid robots, signals support for his vision to expand beyond electric vehicles into AI and robotics. The vote followed intense debate, with major investors and proxy advisers like CalPERS, Norges Bank, ISS, and Glass Lewis opposing the plan as excessively large, while others, including Charles Schwab, argued it keeps Musk aligned with shareholders.