75 percent of the owners voted yes at the company's general meeting. It is the largest bonus ever given to a company director.
The payment will be made in Tesla shares. The bonus is managed in a step-up model and will – if he meets all conditions over the next decade – increase his ownership in the company from 13 to 25 percent.
In order for him to get the whole package, Tesla under his leadership must reach several high-level goals for, among other things, market value, car production, and a planned robot taxi venture.
The bonus has been controversial, but Musk has previously indicated that he might consider taking a step back if he does not gain greater control over the company.
The stock market reaction was lukewarm. Initially, the stock rose just over two percent in after-hours trading, but later traded around zero.
Elon Musk is already considered the richest man in the world.
