Elon Musk's gargantuan pay package worth $1 trillion has finally been approved by Tesla, and four conditions have been laid out that the company's CEO must achieve before receiving the historic figure.
When it comes to the richest people in the world Elon Musk already sits in first place, and by a considerable margin too, having become the first person in history to pass the $500 billion mark this year.
That seemingly isn't enough though as the tech mogul has been attempting to earn himself a world-record pay package worth $1 trillion in total from his main company Tesla, which he currently owns around 13 percent of in total.
This payout has been forced to jump through several legal and administrative loopholes despite the efforts of the Tesla board to pass it through, yet it has finally been approved in a historic move this week, as reported by Finance Magnates.
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Both Elon and his brother Kimbal – who is also on the company's board – were allowed to vote on the matter, and it passed by a majority of 75 percent, albeit with four conditions needing to be met before Musk receives the full amount.
Following the decision to approve this significant payout, Musk joined the company's Optimus robots in a dance celebration, but there's still a lot to achieve if he wants to become the world's first-ever trillionaire.
Here are the four conditions that Musk must achieve before he receives the full amount, with each completion earning part of the total pay package:
- Tesla's total market valuation must reach certain milestones, with the first being at $2 trillion and the final being around $8.5 trillion
- 20 million Tesla vehicles need to be delivered over the course of a decade
- 1 million robotaxis and 1 million Optimus robots need to be placed into commercial operation and deployed, respectively
- Up to $400 billion in 'core profits' need to be achieved by the company
Some of these are more achievable than others, with the first seemingly being the most straightforward for Musk to start earning as Tesla's current market cap sits at around $1.427 trillion.
However, others will be rather challenging, even across a long period of time, as that 20 million figure for car deliveries is over double the amount that Tesla has achieved in the past 12 years.
Additionally, the potential success of both robotaxi and Optimus is currently unknown as they are completely new technologies, but would hypothetically make it more than worth the money Musk would receive if they were to be as successful as these conditions expect.