Tesla has proposed a new pay package for CEO Elon Musk that could make the world’s richest man a trillionaire.
The pay package, which is up for consideration at Tesla’s annual shareholder meeting in November, would grant Musk about 423 million shares in the company if he meets a series of milestones over the next 10 years.
At Tesla’s current share price, this amounts to about $145 billion. However, under the agreement, Musk would need to grow the electric vehicle (EV) maker’s market capitalization to a massive $8.5 trillion, making the pay package worth about $1 trillion.
The company is currently worth nearly $1.1 trillion. The board’s lofty goals far exceed even the most valuable firm in today’s market, Nvidia, which sits at around $4 trillion.
Tesla would also need to deliver 20 million vehicles and 1 million bots, in addition to securing 10 million self-driving subscriptions and putting 1 million robotaxis on the road in order for Musk to secure his trillion-dollar payday.
