Elon Musk could become the world’s first trillionaire if shareholders adopt a new proposal that would give him unprecedented sums of money if the company reaches certain ambitious milestones.

The proposal highlights the board's confidence in Musk to steer Tesla in a new direction while reigniting growth as it loses ground to Chinese rivals.

The electric vehicle-maker’s board proposed a compensation agreement that would dramatically increase the CEO’s personal wealth over the course of a decade.