Elon Musk's $1 trillion pay package approved by Tesla

Elon Musk could be on track for a $1trn (£761bn) pay package - if Tesla meets a series of extremely ambitious targets over the next 10 years.

The world's richest man has the potential to become a trillionaire after the controversial plans were approved by 75% of the company's shareholders. However, it won't be easy.

As part of the agreement, Musk will need to deliver 20 million Tesla vehicles over the next decade - more than double the number churned out over the past 12 years. He will be tasked with dramatically increasing the company's valuation and operating profits.

Another requirement is for Tesla to roll out one million AI-powered robots - despite the fact it hasn't released a single one so far. Musk will also need to come up with a succession plan on who will replace him as the chief executive of Tesla.

As each step is successfully completed, he will receive more company shares and his ownership stake will rise - potentially from 13% now to almost 29%. And even if Musk falls short of some of these targets, he could end up earning a lot of money.

Figures from Forbes magazine suggest the 54-year-old already has a net worth of $493bn (£375bn) - and while that means he has more money than anyone else on the planet, he isn't the richest person in history... yet.

That title belongs to John D. Rockefeller, the railroad titan who had wealth of $630bn (£480bn) back in 1913 - when adjusted for inflation.

Why? Now is the moment Tesla wants to innovate, develop into robotics, self-driving and embrace the growth of artificial intelligence (AI). It's seeking a visionary leader to spearhead this move.

And a lot of Tesla's market value is tied up in this ambition. Tesla's board of directors, who oversee the management of the business, are adamant that only Musk can make the lofty ambitions a reality.

Some believe there's no one else like Musk. More shares in the company are "critical to keep Musk at the helm to lead Tesla through the most critical time in the company's history.