Without any surprise, Tesla confirmed today that shareholders have approved Elon Musk’s new multi-billion CEO compensation package recently proposed by the company’s board.

A Tesla spokesperson confirmed that the proposal went through at a special meeting of shareholders in Fremont today.

Large investors had already backed the initiative – making today’s meeting almost a formality.

As we previously reported, the plan is built on top of Musk’s previous 2012 compensation plan that was based on reaching milestones and being awarded tranches of stock options for each.

Several of those milestones were based on Tesla achieving a larger market capitalization and they reached the last of those milestones – $43 billion – last year.

The new compensation plan is also based on Tesla increasing its market cap and it would need to increase to $650 billion for all of Musk’s stock options to vest:

It is also linked to a significant increase in revenue and adjusted EBITDA as seen in the chart above.

Each $50 billion increase would result in Musk receiving 1.69 million shares, which is currently worth about $600 million at today’s price, but if they fully vest, it would increase Musk’s stake in Tesla to around 30% – making him the richest man in the world through his stake in the automaker.

Here’s the board’s presentation about the plan:

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