Tesla Board proposes new Tesla pay plan for Elon Musk that could make him the world's first trillionaire; but conditions apply

Elon Musk could achieve something no one has before:

becoming the world's first trillionaire

. However, this feat hinges on his ability to fulfill a series of corporate goals outlined in a new compensation plan proposed by

Tesla

’s board, a report has said. Valued at nearly a trillion dollars, the package is tied to these commitments, and it must be approved by the company's shareholders.

Tesla board’s Trillion-dollar bet on company future

To earn the full amount,

Musk

must meet certain targets, which includes increasing Tesla's stock market value eightfold over the next decade, from its current value of around $1.1 trillion to a staggering $8.5 trillion, a report by The New York Times said.All of his compensation would be in the form of Tesla shares. This is by far the most lucrative pay package ever proposed for a corporate executive. The plan comes with a series of difficult conditions:Time Commitment: Musk will have to stay at Tesla for at least ten years to earn the full value.

Operational milestones: He must oversee the deployment of one million autonomous taxis and humanoid robots, and increase company profit by more than 24 times.In a letter to shareholders, Tesla board members Robyn Denholm and Kathleen Wilson-Thompson argued that “retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.”

Elon Musk’s pay package likely to face heat from shareholders

This new pay package is likely to face criticism from shareholders. Some investors have expressed concern over Musk’s recent performance and behaviour, pointing to a slump in Tesla’s sales and profits. Over the last year, Musk has spent considerable time on his other ventures, including SpaceX and the social media site X, and has become more involved in politics. The new plan does not place any restrictions on the time he dedicates to these other interests.