World richest person, Elon Musk could become the first trillionaire after Tesla's board approved a massive new pay package to secure his focus on the struggling electric carmaker.
In the new pay deal, which was announced on Friday, September 5, Tesla's board has suggested giving Musk a pay package worth more than $1 trillion if he achieves a series of ambitious goals over the next 10 years.
Under this plan, Tesla CEO would not receive a normal salary or bonus but only get paid if Tesla's value rise more than eight time, along with meeting other extremely challenging targets.
Tesla's board asked shareholders to support the new package which, according to chair Robyn Denholm, would motivate Musk, whom she called a "visionary leader."
"Simply put, retaining and incentivising Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history," she added.
For the new plan, Tesla would first need to hit $2 trillion market value and boost annual car deliveries to 20 million, even though it only delivered under 2 million in the previous year.
Reaching that goal will also require the company to have 1 million self-driving robotaxis actively operating and producing 1 million AI robots.
This comes after SpaceX founder received $29 billion in Tesla shares last month after US court cancelled his earlier $50 billion pay package.
