New York Comptroller Thomas DiNapoli, who runs a state retirement fund that owns over 3.3 million shares, slammed the pay plan in a webinar last week.

Musk, the chief executive and 12.8% owner of Tesla, will receive a package worth nearly US$1 trillion over the next 10 years.

The proposal, which would see the firm become an AI and robotics juggernaut, was approved by more than 75% of shareholders.