Is Elon Musk to be the First Trillionaire? Here’s the Truth About Tesla Offering Him $1 Trillion Pay Package

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The Tesla Board of Directors has proposed a pay plan of $1 trillion to retain Elon Musk for long-term company growth. However, there is a catch. The largest electric vehicle (EV) manufacturer has outlined 12 important goals for Musk to achieve to be adorned with this amount. 

What Goals Does Elon Musk Have to Achieve?

The proposal offered by the Tesla board of directors is meant to incentivize Elon Musk to take the company to greater heights. The company wants to achieve some important goals in the upcoming years.

A report claimed that the Tesla Board aims to expand its Robotaxi business and increase the market value of Tesla to $8.5 trillion. Currently, its valuation stands at $1.09 trillion. The additional shares Elon Musk is expected to receive upon fulfilling the set objectives are estimated to grow his net worth by 25%. 

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These incentives are also a way of ensuring that Musk’s focus stays on Tesla while the company can focus on establishing its dominance in other business ventures. Tesla also wants to establish itself in fields like robotics and artificial intelligence.

How Much Does Elon Musk Get Paid Currently?

Elon Musk is currently the wealthiest person, with a net worth of $378 billion, as reported by the Bloomberg Billionaire Index. The Tesla Board of Directors offered Musk an interim stock grant worth $29 billion as a ‘first step’ in retaining him. However, to cash out any of these stocks, Musk will have to stay with the company for over seven years. 

Marketwatch data also shows that Tesla shares are trading at $ 1.90 higher at $344.84. This was pre-market data collected on the National Association of Securities Dealers Automated Quotations (NASDAQ). While Wall Street closed at $338.53 billion, Tesla's current market value stands at $1.08 trillion.

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Tesla’s Board is concerned about the company's growth. As a result, it promised to offer $1 trillion to Elon Musk if he took the company’s valuation to a staggering $8.5 trillion. However, this is not an easy goal for Musk. The primary intention of the board of directors is to direct the complete focus of Musk to grow Tesla, while they step more actively into robotics and artificial intelligence.