Tesla founder Elon Musk is poised to make history as the first trillionaire after shareholders approved a groundbreaking $1 trillion pay package for the world’s richest person. The historic rewards program, first proposed by Tesla’s board in September, outlines a 10-year plan that would see Musk receive significant payouts if the company meets ambitious performance milestones.
The pay package, officially approved at a shareholder meeting on November 6, ties Musk’s compensation to several key benchmarks, including increasing Tesla’s market value to $8.5 trillion, nearly eight times its current worth of $1.09 trillion as well as the success of its robotaxi, robotics, and artificial intelligence initiatives. The proposal also states that Musk’s stake in the company could increase to 25% if these ambitious targets are met.
Tesla’s board emphasized that the incentive is designed to keep Musk focused on the company’s long-term goals. In a letter to shareholders, board chair Robyn Denholm and director Kathleen Wilson-Thompson wrote: “Simply put, retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.” This comes after Musk’s brief stint as head of the so-called Department of Government Efficiency (DOGE), a role that critics argued distracted him from Tesla duties.
Musk’s investors previously approved a $56 billion compensation package in 2018, but a Delaware court ruled it excessively large and gave the CEO too much influence over the board. Tesla is appealing that decision while an interim stock reward worth roughly $30 billion was granted to Musk. As of now, Forbes estimates his net worth at $491.4 billion, nearly double that of the second-richest person, Oracle founder Larry Ellison.
Despite his immense wealth, Musk maintains a surprisingly modest lifestyle compared to other billionaires. He resides in a rented property worth around $50,000 near SpaceX’s headquarters in Boca Chica, Texas, and has described it as “kinda awesome.” While reports indicate Musk owns at least two other homes, including a $6 million residence in Austin, TX, he largely avoids the extravagant lifestyles often associated with the ultra-wealthy.
The Austin property, however, has been the center of legal disputes. Musk erected a 16-foot chain-link fence around the home, prompting complaints from neighbors over security presence, increased traffic, and the size of the installation. In July, the West Lake Hills City Council allowed Musk to keep the fence and gates with minor adjustments to meet regulations. Musk also owns other properties in Austin reportedly intended for his children and their caretakers, although he has denied creating a dedicated compound.
Musk’s portfolio also includes a Los Angeles home formerly owned by Hollywood legend Gene Wilder. Originally purchased in 2013 for $6.75 million, Musk sold it in 2020 under conditions that the property could not be demolished or altered significantly. He later sold the home to Wilder’s nephew, Jordan Walker-Pearlman, and his wife for $7 million, while also providing a $6.7 million loan to facilitate the purchase. However, in 2024, after the buyers fell behind on payments, Musk filed a notice of default, and the property returned to his LLC.
Beyond real estate, Musk’s focus remains squarely on Tesla and SpaceX, driving technological innovation across electric vehicles, space exploration, and artificial intelligence. The approval of the $1 trillion pay package underscores both his central role at Tesla and the company’s ambition to set unprecedented milestones in global business.
With the new incentives in place, Musk stands on the brink of achieving an unparalleled financial milestone while continuing to shape industries ranging from automotive to space exploration. Whether he will reach the trillionaire mark remains to be seen, but one thing is clear: Elon Musk’s impact on technology, business, and culture remains unmatched.
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