It's a public company, not Musk's piggybank. This is a common fraud of senior management with too much control. The CEO, major shareholders and the board cannot tunnel assets out of a business due to improper relationships and defraud minor shareholders.

Note that board has always been given compensation way out of line with any business ever before and it has been notably spineless through Musk's fraud convictions, impregnation of co-workers, pedo-gate abuse, open racism, drug use, erratic behaviour and that he is clearly absent from the business from the business 80%+ of the time and the product pipeline has been dead for years.

The man already owned a ton of shares which gave him huge upside on success aka "incentive" and said he wasn't leaving so what were the shareholders paying for? The board had a fiduciary duty to negotiate the best deal and instead they gave him what he asked for - a package many orders of magnitude greater than any CEO compensation ever before. What would the no. 2 CEO pick have cost?

No small issue is that we will likely see how temporary these "achievements" are as Tesla will, someday, be priced like a car company and Tesla's books have had red flags over them for a decade.