The unprecedented payday will go into full effect by 2035--as long as Tesla hits ambitious financial and production targets. On Thursday, Tesla shareholders approved an unprecedented $1 trillion pay package for CEO Elon Musk . The full compensation plan will go into effect by 2035--assuming the company successfully hits ambitious financial and production targets. If that happens, Musk will also get control of some 25 percent of the business, up from the 12 percent he controls currently. More than 75 percent of Tesla shareholders approved the move in a preliminary vote.

Under CEO Elon Musk, Tesla has been credited with revolutionizing the auto industry, jumpstarting the electric revolution, and racking up billions in profit in the process. Now Musk is set for a record payday worth almost 50 billion, after the electric car company's shareholders approved a compensation plan that had been previously blocked by a federal judge. The preliminary outcome of the vote was announced Thursday afternoon during an annual shareholder meeting at Tesla's newest auto and battery factory in Austin, Texas. The setting was apropos: Shareholders also approved a measure to move Tesla's corporate registration away from Delaware and to Texas. The company's board argued that Delaware's court system--where a judge struck down Musk's pay scheme in January--has been unfair to Tesla.