If it makes anyone feel better even after he and his family have stolen as much as they can possible steal, a fortune more than capable of supporting generational wealth, they'll have already squandered nearly all of it and be back on TV trying to turn the family name into fifteen dollars for autographed socks manufactured in a country they despise or a donation from voters they also despise.
IMO this entire pay package is not a bet on Tesla doing well, it's a bet that intentional inflationary monetary policy will erode the value of the dollar and Tesla will remain solvent during the process.
Why not special voting shares or a re-structure like Alphabet/Meta have done to deliver additional votes or control? Seems like a cash grab and a bet against the US dollar. As long as Tesla continues to exist and inflation erodes enough value from the dollar Elon gets a regular infusion of additional stock to borrow against and the dollar value will just keep rising. As things get worse for the world at large they'll get better and better for Elon and only Elon.
Tesla shareholders get to lose twice, first to inflation just like the rest of us but also their share in Tesla will be regularly diluted specifically so Elon can keep borrowing on favorable terms.