Tesla, an American automotive and clean energy company, is offering Elon Musk a salary package worth one trillion US dollars if he, as CEO, can fulfill the requirements.
that Tesla would offer a salary package of that size if the CEO could increase the company's valuation from more than US$1 trillion currently to US$8.5 trillion in 10 years or by 2035.
If he succeeds in leading the company to achieve this target, Tesla will give Elon Musk additional shares in the company, bringing his share ownership to above 25 percent from almost 16 percent currently.
The incentive plan was disclosed in a filing with the U.S. Securities and Exchange Commission on Friday.
"Ultimately, this new award aims to build on the success of the 2018 CEO performance award framework, which ensured that Elon was paid only for performance achieved and was incentivized to guide Tesla through a period of rapid growth," the company said, as quoted by The Guardian.
Tesla stated that the new plan includes a target of earning profits 28 times higher than the 2018 scheme and the provision of new products, such as the operation of one million robotaxis and the delivery of one million AI bots, humanoid robots that are being developed by the company.
Tesla Chairman Robyn Denholm stated that the salary package offer was made to encourage Musk to help Tesla grow.
"We believe Elon's singular vision is critical to navigating this critical turning point," Denholm said.
