Corporate boards have gone insane, and Tesla's board aims to top them all. The people deciding executive compensation are so far out of touch with the average American that they treat executive pay as Monopoly money. Yet, workers salaries are treated as if they were giving a kidney. News articles explain the total compensation for Elon to be as high as $55 billion. No one, absolutely no one, is worth that much. It is great that Elon's vision can get the whole company pulling together for a common goal, but it is an insult to the tiers of underlings that actually make it happen.
The board is in its own bubble of alternate reality which allows them to send out shareholder letters that ask for approval votes, but NEVER actually say what is being approved. The letter uses flowery statements like, "Elon's compensation will be 100% aligned with the interests of our stockholders." However, it does not include any specifics of the compensation. The letter even says, "You will find more details about the proposed award in the following pages," but the entire thing is about Tesla's market capitalization and not one number actually about compensation.
How convenient it is for the board to omit the actual compensation plan, omit any projections about dollar value, and omit any cost per share of existing stock. Elon has such following that this will probably be approved, but not with my votes.