Elon Musk secured shareholder approval at Tesla on Thursday for a record-breaking compensation plan: $1 trillion over ten years.

The world's richest man could soon become the richest man in history. Elon Musk, head of Tesla, among other companies, had a colossal compensation plan approved on Thursday, November 6, that could earn him up to $1 trillion over ten years. More than 75% of shareholders gathered in Austin, Texas, voted in favor of the plan.

After the results were announced, Elon Musk emerged from backstage to cheers and applause from the several hundred attendees of the AGM, which was broadcast live online. "Thank you from the bottom of my heart to those who supported" the management's resolutions, he declared. Owner of Tesla, as well as the social network X, artificial intelligence companies, and the space engineering firm SpaceX, a former close associate of Donald Trump and member of the administration, Elon Musk already possesses an estimated net worth of $500 billion.

A controversial windfall

The unprecedented compensation package adopted on Thursday, debated since September, has been deeply divisive. Until the very last minute, supporters and opponents tried to rally votes, while an anti-Musk demonstration was held in Austin on Wednesday. Among those opposed are the US public investment fund CalPERS and the Norwegian sovereign wealth fund, one of Tesla's ten largest shareholders. "While we recognize the considerable value created under Elon Musk's visionary leadership, we are concerned about the total compensation package, the dilution, and the lack of measures to mitigate the risk associated with a key person," the fund stated on Tuesday.

Others are also worried about the consequences of extreme political positions   of the multi-billionaire - once very close to Donald Trump, which affected Tesla's sales, already facing increasing competition from cheaper Chinese models.

His supporters, however, argue that Musk needs to be motivated to focus on Tesla, which he wants to transform into an artificial intelligence powerhouse, leveraging software to drive fleets of autonomous vehicles. The investment firm Baron Capital and the board of directors of the Florida State Pension Board (SBA) have endorsed this package, emphasizing that previous ones were equally ambitious and have "always created extraordinary shareholder value." This exorbitant compensation plan also aims to convince him to remain at the helm of the company, after he hinted that he might step down without this approval.

Titanic goals

To receive the full amount, Elon Musk will nevertheless have to meet the ambitious financial and operational objectives set by the board of directors. In particular, he will have to increase Tesla's market capitalization sixfold and deliver 20 million electric vehicles in ten years—more than double the total number produced since the company's inception. He must also deploy one million humanoid robots, his " robot army," intended to revolutionize work and home life.

If he meets all the requirements within the allotted timeframe, Elon Musk could acquire up to an additional 12% stake in Tesla, bringing his total ownership to between 25% and 29%. As of September 12, he already held 12.4% of the company through a trust (representing 413 million shares). In August, he also received 96 million shares under his previous compensation plan, which was rejected twice by the courts before being put to a shareholder vote a third time on Thursday.

As he achieves these goals, Elon Musk will receive new shares, increasing his fortune, already estimated by Forbes at $493 billion. This could allow him to surpass John D. Rockefeller, considered the richest American in history: the oil magnate was valued by Guinness World Records at $630 billion (in today's dollars) at his peak, more than a century ago. Elon Musk would then become the first trillionaire in history.