Sept. 5 (UPI) -- Tesla is preparing to offer Elon Musk a new pay and incentives plan that would give him more control, more shares and up to nearly $1 trillion in compensation.
Musk is already the world's wealthiest person, and this new plan is worth about $975 billion.
In order to cash in on the full amount, Musk would have to multiply Tesla's stock value by eight times over the next decade. All of his compensation would be in Tesla shares. Stockholders will vote on the package at a Nov. 6 annual shareholders' meeting. Tesla also said in the filing Friday that it will ask shareholders to vote on whether to invest in Musk's new xAI.
"Retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history," Robyn Denholm, chair of the Tesla board, and Kathleen Wilson-Thompson, a director on the board, said in a letter to shareholders.
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