Tesla’s board has proposed a new pay package for chief executive Elon Musk worth $1tn over the next decade if he is able to hit a series of astronomical targets.

Musk will receive no salary or bonus under the plan unveiled on Friday, but would collect shares in instalments unlocked by increases in Tesla’s market value, combined with milestones including a huge increase in earnings and selling millions of cars, robotaxis and artificial intelligence-powered robots.

“Retaining and incentivising Elon is fundamental to Tesla?.?.?.?becoming the most valuable company in history,” chair Robyn Denholm said in a letter to investors. The package is “designed to align extraordinary long-term shareholder value with incentives that will drive peak performance from our visionary leader”.