Tesla has proposed giving Elon Musk 423.7 million additional shares of the company’s stock in a deal that would make him the first trillionaire.

Shareholders have to approve the proposal and the company will have to hit specific benchmarks for Musk to cash in, CNN reported.

Tesla would have to have its stock market value increase eightfold over the next 10 years or be worth $8.5 trillion, compared to the current $1.1 trillion it is worth today, The New York Times reported.

The newspaper, however, noted that Tesla sales have slumped over the past year after Musk’s foray into politics. Some investors are wary about his behavior and are concerned that it damaged the brand. He also splits his attention among Tesla, and his other companies, SpaceX, xAI and the social media platform X.

Musk would also have to stay with Tesla for at least seven and a half years to be able to cash in on the payment and 10 years to get the full amount, among other conditions.

But if all the pieces fall into place, the value of the stock, at today’s market rate, would be about $143.5 billion.

The New York Times noted that Musk is already the world’s richest person with a net worth of more than $400 billion.

Shareholders will vote on the proposal at the company’s annual meeting on Nov. 6.

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