Tesla offers pay package to CEO Elon Musk that could be worth up to $1 trillion

Tesla’s board is asking shareholders to approve a new pay package for CEO Elon Musk that could be worth up to $1 trillion in a decade, representing one of the richest compensation packages in corporate history. 

According to a regulatory filing published Friday, the electric car maker’s board wants to award Musk about 423 million shares, which today have a value of $143 billion, if the company hits certain profitability, production and market capitalization milestones. 

To earn the full pay package, Tesla would have to reach a market cap of $8.5 trillion — about eight times its current value — in 10 years. At that level, the stock awarded to Musk would be worth more than $1 trillion.  

—This is breaking news and will be updated.