Tesla shareholders have voted in favor of CEO Elon Musk’s $1 trillion pay package, with the company announcing this afternoon that the proposal received 75 percent support among voting shares at its annual shareholders meeting in Austin, Texas.

CNBC reports that Tesla shareholders have given their stamp of approval to CEO Elon Musk’s unprecedented pay plan, which could potentially be worth close to $1 trillion. The electric vehicle manufacturer revealed that the proposal garnered the support of 75 percent of the voting shares during the company’s annual shareholders meeting held in Austin, Texas.

The pay package, introduced by the Tesla board in September, consists of 12 tranches of shares that will be granted to Musk upon the company achieving certain milestones over the next decade.

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