Elon Musk may become the world’s 1st trillionaire
Global News
Elon Musk, already the world's richest person, is in line for a payout of US$1 trillion if his electric car company meets a series of targets over the next 10 years.
Tesla CEO Elon Musk could become the world’s first trillionaire.
Musk, 54, is in line for a payout of US$1 trillion if his electric car company meets a series of targets over the next 10 years, according to documents released by Tesla on Friday.
Tesla, which is leaning heavily into robotics and artificial intelligence, said in the regulatory filing that the package has a dozen share tranches that include awards for Musk if targets — ranging from car production to the total value of the company — are met over that time period.
The company would have to reach a market valuation of $2 trillion and achieve 20 million vehicle deliveries very early in the plan for Musk to receive the payout. Tesla delivered fewer than two million vehicles in 2024.
It would also be required to have one million robotaxis in commercial operation and one million artificial intelligence bots delivered.
Musk, who is already the world’s richest person, would need to remain with Tesla for at least seven-and-a-half years to cash out on any stock, and 10 years to earn the full amount.
All compensation would be in the form of Tesla shares. The package is expected to be put to a vote at an annual meeting on Nov. 6, where it must be approved by the company’s shareholders.
The tech billionaire would also receive more voting power over Tesla under the proposed plan and would be required to come up with a framework for someone to succeed him as CEO of the company.
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