Elon Musk could become the world’s first trillionaire under a new proposed payment package at Tesla – if the chief executive hits a series of ambitious targets across the next decade.

Already the world’s richest man with a net worth of $378bn (£280bn) , the South African-born entrepreneur could be handed a deal worth more than $1 trillion (£740bn) if shareholders vote through board proposals.

Based on current market capitalisation values, it would make Mr Musk worth more than all but the six or seven biggest public companies on the planet.

Achieving the terms of the deal would almost certainly make Tesla the biggest business in the world, as one of the terms included is to grow the company’s market value to $8.5 trillion (£6.3 trillion) from the $1.1 trillion figure it stands at

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