Elon Musk could become the world's first trillionaire with Tesla pay plan
Photo: billionaire Elon Musk (Getty Images)
Tesla CEO, American billionaire Elon Musk, currently the richest person on the planet, could become the world's first trillionaire. His net worth would surpass $1 trillion if he received a new compensation package from the company, CNN reports.
Musk's wealth could rise significantly if the Tesla board approves the proposed executive pay package. The main condition is the increase in the company's stock value over the coming years.
Currently, Tesla's total market value is $1.1 trillion. Musk would receive the additional payout if the company's total value reaches $8.5 trillion.
Specifically, the billionaire would be granted 423.7 million company shares, worth nearly $1 trillion in total. Musk currently owns 410 million Tesla shares. His total net worth is estimated at $386 billion.
It is worth noting that today, Elon Musk's name is strongly associated with Tesla, the world's leading electric vehicle manufacturer. However, few know that he was not actually one of its founders.
Amid his business conflict with Donald Trump, Musk announced on July 5 that he had created his own political party, called the American Party.
He said his political force would serve as an opposition to Trump's Republican Party. Musk aimed to compete for 2–3 seats in the US Senate and 8–10 seats in the House of Representatives. However, by July 20, American media reported that Musk was likely putting these plans on hold.
