Elon Musk could become the world’s first trillionaire if he hits targets set by Tesla, under a scheme disclosed by the electric car company he runs and in which he is the largest shareholder.

Tesla outlined the terms of the incentive package, unprecedented in corporate history, in a section of its latest stock market update that began: “Yes, you read that correctly.”

Musk, the company said, will have to increase the value of Tesla from just over $1tn now to $8.5tn over 10 years.

If he presides over growth on that scale, the 54-year-old will receive new shares that would push his stake in the company from nearly 16% to well beyond 25%, increasing the fortunes of the world’s richest man to more than $2tn.