The majority of the owners of the other shares voted to compensate him more (by market value of shares that cannot be sold for 5 years, not cash, which is a relevant distinction) than Tesla has ever made in profit.

And since the compensation is equity, comparing it to profit, which is cash, makes no sense. One can discuss if the market price of the equity is too far removed from current profit, but surely even Elon doesn’t have any influence over what millions of investors around the world choose to pay for Tesla shares.

Should majority owners of a business not be able to vote on compensation?

Will an increase in sales primarily increase his compensation or profits?

I do find it surprising that such ridiculously generous pay was approved by shareholders and think it rather prove what GK Galbraith said: "The salary of the chief executive of a large corporation is not a market award for achievement. It is frequently in the nature of a warm personal gesture by the individual to himself".

On the other hand there are limits, and at this point I wonder whether shareholders will decide he is a liability and not pay him so well in future. If I was a shareholder I would want to sack him.