After a high-stakes meeting, Tesla investors voted to approve Musk's $1 trillion proposed compensation plan that is contingent on lofty goals.

The world’s richest man was just handed a chance to become history’s first trillionaire. Elon Musk won a shareholder vote on Thursday that would give the Tesla CEO stock worth $1 trillion if he hits certain performance targets over the next decade.

Tesla boss Elon Musk has had a record-breaking pay package that could be worth nearly $1tn (£760bn) approved by shareholders. The unprecedented deal was approved by 75% of votes and drew huge applause from the audience at the firm's annual general meeting on Thursday.

Shareholders at Tesla's annual general meeting in Austin approved a 10-year "mega peformance equity award" that could catapult Elon Musk to trillionaire status.

The CEO will have to meet a series of goals to earn the rewards, including raising Tesla’s market capitalization to $8.5 trillion.

Musk warned Tesla risked losing him if the package failed and said he wants to build a "robot army" he can control.

Tesla shareholders on Thursday overwhelmingly endorsed a massive pay package for CEO Elon Musk that could reach US$1 trillion. The pay package - crafted to ensure Musk’s continued service to Tesla as the company pursues breakthrough technology on artificial intelligence and robotics - won more than 75 per cent support from shareholders,