Prosperous Titan on the brink of becoming even wealthier: Fresh remuneration plan could dramatically boost Musk's already massive fortune if Tesla continues its successful trajectory

Elon Musk, the world's richest man, stands on the brink of a new milestone - becoming the world's first trillionaire, if Tesla, the electric vehicle (EV) company he leads, achieves a series of ambitious targets.

According to the proposed pay package set to be voted on at Tesla's annual shareholders meeting on Nov. 6, Musk could own up to a quarter of the company's shares if he hits all the goals, a significant increase from his current 13%. To receive the first package of shares equivalent to 1% of the company, Musk would have to convince investors that Tesla is worth $2 trillion in total.

However, the road to trillionaire status is a steep one. To receive all the shares offered and make him the world's first trillion-dollar man, the market value of Tesla would have to rise to a staggering $8.5 trillion.

Tesla's performance in recent quarters has been mixed. In the most recent quarter, Tesla's quarterly profits plunged from $1.39 billion to $409 million. The company's revenue also fell, and it came up short of even the lowered expectations on Wall Street.

Sales of Tesla in the 27 European Union countries have been surpassed by Chinese rival BYD, which gained 1.1% market share compared to Tesla's 0.7%. Tesla's sales in Europe have decreased by 40% in July 2021 compared to the previous year, a trend that could pose a challenge as Europe becomes a major market for EVs.

The EV company is facing increasing competition from Chinese companies like BYD, as well as from the big Detroit automakers. Musk would need to vastly expand Tesla's robot and robotaxi businesses by selling a million of each to stay ahead of the competition.

Among other goals, sales of all Tesla vehicles would eventually have to reach 20 million, nearly triple its entire sales since it was founded. Musk would also have to remain with Tesla for at least 7.5 years to cash out on any stock, and 10 years to earn the full amount.

A condition of the 11th and 12th tranches of the plan includes Musk coming up with a framework for someone to succeed him as CEO. This suggests that Musk is aware of the need for a succession plan, despite his prominent role in the company.

It's worth noting that a Delaware judge threw out Musk's previous pay package worth $44.9 billion in January 2022, citing that it was not in the best interests of Tesla or its shareholders. The proposed pay package may face similar scrutiny.

As the annual shareholders meeting approaches, the world waits to see if Tesla and Elon Musk can indeed rewrite the history books and make Musk the world's first trillionaire. The outcome could have far-reaching implications not just for Tesla, but for the entire EV industry and the global economy.

In the afternoon trading of the same day, Tesla's stock increased nearly 3%, a positive sign for the company's investors. However, whether this momentum will continue remains to be seen.

Prosperous Titan on the brink of becoming even wealthier: Fresh remuneration plan could dramatically boost Musk's already massive fortune if Tesla continues its successful trajectory