It’s official: Elon Musk is on track to become the world’s first trillionaire.
Tesla shareholders approved a new executive pay package Thursday afternoon that would give Musk nearly $1 trillion in stock over the next decade, a record-shattering deal for the world’s richest man.
The total award depends on whether Musk can meet ambitious performance targets for the struggling electric-vehicle company, including growing Tesla’s market cap to $8.5 trillion—a more than 500% increase from today’s valuation. The goals also include delivery of 20 million Tesla vehicles and 1 million bots in addition to 1 million robotaxis in commercial operation.
“While we believe Elon is the only person capable of leading Tesla at this critical inflection point, changing the world is neither an overnight process nor the work of a single person,” Tesla’s Board wrote in a letter to shareholders in August. “So, we also want your help in securing the team and strategy needed to achieve goals that others will perceive as impossible but that we know are possible for Tesla.”
Musk’s net worth is estimated at about $473 billion.
