Elon Musk could become the world's first trillionaire after the board of electric vehicle manufacturer Tesla proposed a $1trillion compensation package.
In what would become the largest corporate pay package in history, the world's richest man's net worth could rise from $430.9billion (£320billion) to $1trillion (£742.8billion).
The board's plan would grant Elon Musk up to 12 per cent of Tesla's total stock, which would propel him from a billionaire to a trillionaire.
Mr Musk's stock would be worth around $1.03trillion (£765billion), provided Tesla hits its target market value of a staggering $8.6trillion (£6.38trillion).
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Elon Musk could become the world's first trillionaire
|GETTY
To achieve this target, Tesla's value would need to increase almost eightfold over the next decade, which would be worth around $7.5trillion (£5.57trillion).
If this were to happen, Mr Musk's voting power would increase, giving him further control over the electric car company.
Reuters reported that Musk would not receive any salary or cash as part of the proposal, with the compensation tied solely to the performance of the competition.
It also hinges on Tesla's success in selling electric vehicles, deploying self-driving robotaxis and releasing AI-powered humanoid robots.
Elon Musk has been CEO of Tesla since 2008 | GETTYFilings from Tesla state: "Traditional compensation packages granted to executives at other companies were determined to not be appropriate for designing Mr Musk's incentive compensation."
Elon Musk is currently embattled in a legal case over a 2018 pay package, which is worth $56billion.
This resulted in Mr Musk relocating Tesla's incorporation from Delaware to Texas after judges in the state annulled the pay package.
Mr Musk later took to X, formerly known as Twitter, which is owned by the South African businessman, saying: "Never incorporate your company in the state of Delaware."
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Judge Kathaleen McCormick said Tesla directors were "starry-eyed" because of Mr Musk's "superstar appeal", noting that the deal was "unfathomable".
Reacting to the latest pay package proposal, Peter Andersen, founder of Andersen Capital Management, said: "Would this kind of compensation increase his focus on running a singular company like Tesla because that's usually what the compensation is designed to do?
"Mr Musk has shown a troubling history of being easily distracted into other paths that don't necessarily directly benefit a company like Tesla."
In recent days, Mr Musk has taken to social media to promise "Tesla Master Plan Part Deux" after claiming the third plan was "too complex for almost anyone to understand".
The Tesla Cybercab robotaxi is expected to enter production in 2026 | TESLAThe first master plan said Musk would build a sports car, use the money to build an affordable car, followed by an "even more affordable car", as well as providing zero emission electric power generation options.
His second plan, from nine years ago, included expanding the electric vehicle product line to address all major segments and developing a self-driving capability that is 10 times safer than manual.
Speaking to investors during a call in 2019, Mr Musk claimed that robataxis would earn drivers money and the net present value would be around $200,000 (£148,367).
Forbes estimates that Elon Musk has made $2.5billion (£1.85billion) in the last day alone, beaten only by Japanese entrepreneur Masayoshi Son (£2.2billion), Facebook founder Mark Zuckerberg (£2.89billion) and Amazon executive chair Jeff Bezos (£6.37billion).