Tesla Offers Musk Pay Package That Could Make Him First Trillionaire

Elon Musk could become the world's first trillionaire if he hits targets set by Tesla under a scheme disclosed by the electric car company he runs and in which he is the largest shareholder.

- Rob Davies

Tesla yesterday outlined the terms of the incentive package, unprecedented in corporate history, in a section of its latest stock market update that began: "Yes, you read that correctly."

Musk, the company said, would have to increase the value of Tesla from just over $1tn now to $8.5tn over 10 years.

If he presides over growth on that scale, the 54-year-old will receive new shares that would push his stake in the company from nearly 16% to well beyond 25%, increasing the fortune of the world's richest man to more than $2tn.

Estimates of Musk's current net worth vary, but a live ranking of the wealthiest people on the planet, compiled by Forbes, estimates the South African-born tycoon's fortune to be $430.9bn (£318bn).

The incentive plan, revealed in a filing to the US Securities and Exchange Commission, comes at a time when some observers have questioned whether Musk's political views could be holding Tesla back.