(Image source from: REUTERS)

Tesla's board has suggested a groundbreaking pay plan for CEO Elon Musk that could potentially make him the first person ever to be a trillionaire if he meets several challenging goals. This plan consists entirely of shares in Tesla and is set to be voted on by shareholders on November 6, based on a securities document. Tesla mentioned that the plan is tied to Musk's capacity to change the company from just making electric cars to becoming a leader in technology and artificial intelligence, with specific targets in self-driving systems, robotics, and AI products, as reported by The New York Times. To receive the entire payment, Musk must increase Tesla’s market worth by nearly eight times, raising it from its present value of $1.1 trillion to $8.5 trillion in the next ten years. Achieving this would almost double the market value of Nvidia, which is currently the most valuable company in the world. If he succeeds, this agreement could add around $900 billion to Musk's existing wealth of more than $400 billion, solidifying the biggest pay deal for an executive in corporate history.

As noted by CNN, Tesla’s disclosure to shareholders also included a proposal for the company to invest in xAI, the artificial intelligence company owned by Elon Musk. This step would enhance Tesla’s ambitions in AI while giving Musk greater control over his extensive business empire, which already includes SpaceX, Neuralink, and X, formerly known as Twitter. Earlier this year, Tesla awarded Musk a temporary bonus valued at $29 billion in restricted stock, aimed at ensuring his leadership until at least 2030 while the company speeds up its focus on artificial intelligence.