Musk is in line for a $l-trillion payout if Tesla hits big targets

The world’s richest man could become its first trillionaire if Elon Musk hits a series of extremely aggressive targets for his electric car company over the next decade, according to a proposed pay package released by the company.

- BY BERNARD CONDON

ELON MUSK could set a new standard for outsized executive pay.

Tesla said in a regulatory filing Friday that it will hand Musk shares worth as much as 12% of the company in a dozen separate packages if the company meets certain performance targets, including massive increases in car production, share price and operating profit. If approved by shareholders, the new pay package could make Musk the world’s first trillion-dollar executive, and would mark a new level of outsized pay in a country already known for extreme compensation. But the payoff is in shares, not cash, and the goals are extreme.

Musk overcame doubters to turn Tesla into the world’s most valuable car company, but he could face even steeper odds in hitting the targets set by the company’s compensation committee — not least because of Tesla’s main business of making electric vehicles is in a slump, in part because of Musk's foray into right-wing politics.

"It doesn’t matter how much money he gets. He can’t help himself,” said Telemetry analyst Sam Abuelsamid, who follows Tesla stock, which is down 25% this year. “And the more he talks, the more he turns off potential customers.”