Elon Musk is the world's richest person, and he could become the first trillionaire under a new pay package from Tesla's board of directors.

The package, according to CNN Business, would give Musk 423.7 million more shares of Tesla stock worth $143.5 billion at today's stock price provided the company's value reaches an $8.5 trillion evaluation.

Tesla is currently valued at $1.1 trillion.

Those 423.7 million shares would be worth about $1 trillion if the company hits the valuation target, CNN Business reported.

Musk, the CEO of Tesla and SpaceX and the world's richest person, currently has a net worth of $437.5 billion, according to Forbes' real-time billionaires list.

Behind Musk are Oracle's Larry Ellison ($282.2 billion), Meta's Mark Zuckerberg ($257.2 billion), Amazon's Jeff Bezos ($244.5 billion) and Google co-founder Larry Page ($194.3 billion.)