Tesla boss Elon Musk could earn $1trillion in a staggering new pay deal.

The billionaire, already the world's richest man, will receive the equivalent of £740billion if the electric car giant hits certain targets over the next decade.

The ten-year package is thought to amount to the largest pay deal in corporate history.

It comes after a previous package worth close to £40bn was struck down by a US court.

While Tesla is appealing that decision, the board is looking to incentivise Mr Musk by paying him in the form of shares, not cash or bonuses.