Texas [US], November 7 (ANI): Tesla shareholders have approved a massive pay package for CEO Elon Musk that could make him the world's first trillionaire if the company meets ambitious growth targets, CNN reported.

At Tesla's annual shareholder meeting on Thursday, more than 75 per cent of shareholders voted in favour of Musk's stock-based compensation plan, excluding the 15 per cent stake he already owns. The room erupted in cheers and chants as the results were announced.

'I super appreciate it,' Musk told shareholders after the vote, thanking them and Tesla's board for their support, as per CNN.

Unlike most CEOs, Musk does not take a salary. His compensation comes entirely through stock options, and this new package could grant him up to 423.7 million Tesla shares over the next decade, a potential payout worth around USD1 trillion if the company hits a market value of USD 8.5 trillion.

That target would require Tesla's stock price to rise by 466 per cent from its current level, a feat that would make it more valuable than Nvidia, currently the world's largest company at USD 5 trillion.

If Musk secures all 12 tranches of the stock award, the earnings would equal USD 275 million per day, the largest executive pay deal ever recorded.

Tesla's board had warned shareholders that rejecting the pay plan could prompt Musk to walk away from the company. In a regulatory filing, the board said Musk had raised concerns about continuing as CEO without greater assurances of control that the pay package could grant him.

Despite the approval, Tesla is facing a challenging year. The company's sales and profits have dropped sharply in 2025 amid slower EV demand and reduced US government incentives for electric vehicles, CNN reported. (ANI)