Elon Musk received his trillion-dollar pay package. Now the Tesla Moonshot goals are coming into focus.

Tesla shareholders showed up for Elon Musk. Now it’s up to the CEO to make good on his promises and make her – and him – richer.

Attendees at Tesla’s (TSLA) annual shareholder meeting in Austin, Texas yesterday erupted in applause, chanting Musk’s name after a tally showed his nearly $1 trillion compensation package — the largest CEO pay plan ever — passed with more than 75% of votes in favor. Enthusiasm for Tesla’s future as more than just a car company has overshadowed concerns about the pay plan’s lack of guardrails around key people’s risks, as well as perceived abuses that have drawn criticism from the Pope.

The pay package is intended to give the CEO the control he sought, with up to 25% of the company’s shares. Unlocking all 12 tranches of Tesla stock, for the largest possible financial reward, would require the company to have a market capitalization of at least $8.5 trillion and profits of $400 billion, and for the company to meet product goals including 20 million cars delivered, 1 million robots sold, and 1 million robotaxis in operation. (Tesla’s market cap is currently around $1.3 trillion, and it reported $4.2 billion in EBITDA for the third quarter.)

“What we are about to embark on is not just a new chapter in Tesla’s future, but an entirely new book,” Musk said in his opening remarks last night. “Hold on to your Tesla shares,” he later added.

Shareholders got “Musk as a wartime CEO as the AI ​​revolution takes hold,” Wedbush analyst Dan Ives wrote in a report yesterday, giving the analyst “more confidence in TSLA’s story going forward.” Ives maintained an equivalent rating of Buy on the stock and a 12-month price target of $600, suggesting an upside of more than 40% from the recent price of $426.

As eager as Tesla’s shareholders and board appear to see the electric car company realize its potential as an AI contender, they have shown some reluctance to invest in Musk’s own company and OpenAI competitor, xAI. The company’s directors have not taken a position on the shareholder proposal for or against the measure asking the board to authorize investment in it.

Although the number of shareholders who voted in favor of the project was greater than the number opposed, many abstained from voting. The company’s legal advisor, Brandon Earhart, said during the company’s shareholder meeting that Tesla’s board of directors “will consider next steps.”