Elon Musk is already the world’s richest man, but today he could take a giant step towards becoming the world’s first trillionaire.

Shareholders at Tesla are voting on a pay deal for their chief executive that is unlike anything corporate America has ever seen.

The package would grant Musk, who already has a net worth of more than $400bn, around 425 million shares in the company.

That would net him about $1trn (£760bn) and, perhaps more importantly to Musk, it would tighten his grip on the company by raising his stake from 15% to almost 30%.

The board, which has been making its case to retail investors with a series of videos and digital ads, has a simple message: Tesla is at a turning point.

Yes, it wants to sell millions of cars, but it also wants to be a pioneer in robotaxis, AI-driven humanoid robots, and autonomous driving software. At this moment, it needs its visionary leader motivated and fully on board.

Musk has served his warning shot. Late last month, he wrote on X: “Tesla is worth more than all other automotive companies combined. Which of those CEOs would you like to run Tesla? It won’t be me.”

Not everyone is buying it, however.

With so much of his personal wealth tied up in Tesla, would Musk really walk away?

Bad for the brand?

Others see his continued presence and rising influence as a risk. Norway’s sovereign wealth fund, the world’s largest, which owns 1.1% of the company (making it a top 10 shareholder), has already declared it will vote against the deal. It cited concerns about “the award’s size, dilution, and lack of mitigation of key person risk”.

Several major US pension funds have followed suit. In an open letter published last month, they warned: “The board’s relentless pursuit of keeping its chief executive has damaged Tesla’s reputation.”

They also criticised the board for allowing Musk to pursue other ventures. They said he was overcommitted and distracted as a result. Signatories of that letter included the state treasurers of Nevada, New Mexico, Connecticut, Massachusetts, Colorado, and the comptrollers of Maryland and New York City.

All of them Democrats. Republicans have been more favourable. There is a political slant to this.

The signatories’ concerns with his “other ventures” no doubt include the time Musk spent dabbling in right-wing politics with the Republican inner circle. That made him a polarising figure and, to an extent, Tesla too.

Pay packet dwarfs rivals

Combine this with a mixed sales performance and a volatile share price, and some are wondering whether the carmaker has lost its way under his leadership.

Irrespective of performance, for some, the existence of billionaires – let alone trillionaires – can never be justified. Some may also ask why Musk is worth so much more than the leaders of Apple, Facebook, and Microsoft, or Nvidia, the world’s most valuable company by market capitalisation.

Nvidia‘s chief executive, Jensen Huang, received $49.9m (£37.9m) this fiscal year. So, how has Tesla come up with these numbers? Why is Musk’s pay so out of kilter with the benchmark? Does the company have a corporate governance problem?

The courts have suggested it might. Last year, a Delaware court took the view that Tesla’s board members, which include Musk’s brother Kimbal, were not fully independent when agreeing to a $56bn (£42.6bn) pay packet back in 2017.

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The Delaware Supreme Court is now reviewing the case. It is a reminder that even if Musk meets his targets, a similar fate could befall the current package.

The Tesla board is holding firm, however. Robyn Denholm, the company’s chair, told The New York Times: “He doesn’t get any compensation if he doesn’t deliver,” adding that Musk “does things that further humankind”.

Tesla’s valuation is tied up in its promise to deliver revolutionary AI and robotics products that will change the world. Those ambitions, which include robots that can look after children, are lofty. Some would call them unrealistic, but the board is adamant that if they are to become a reality, only Musk can make it happen.

Under the deal, Musk would receive no salary or cash bonus. Instead, he would collect shares as Tesla’s value grows. To unlock the full package, he would have to increase the current market valuation six times to $8.5trn (£6.47trn). For context, that’s almost twice that of Nvidia.

There are other hurdles. The company would have to sell 20 million additional electric vehicles, achieve 10 million subscriptions to its self-driving software on average over three months, deploy one million robotaxis on average over the same period, sell one million AI-powered robots, and boost adjusted earnings 24-fold to $400bn (£304bn).

They are ambitious targets, but Musk has defied the sceptics before.

A driver has knocked down several people on the French island of Ile d’Oleron.

Two people are in intensive care following the incident and a man has been arrested, French interior minister Laurent Nunez said.

Several others were injured after the motorist struck pedestrians and cyclists, he added.

Thibault Brechkoff, the mayor of Dolus-d’Oleron, told BFMTV the suspect shouted “Allahu Akbar” (Arabic for God is Greatest) when he was detained.

Arnaud Laraize, the public prosecutor in La Rochelle, told the Sud Ouest newspaper the 35-year-old suspect “resisted arrest” and was “subdued using a stun gun”.

He said the suspect was known for minor offences such as theft, adding he was not on a list of people considered a threat to national security.

Pedestrians and cyclists were hit on a road between Dolus d’Oleron and Saint-Pierre d’Oleron, he added.

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Police were alerted, with the first calls made at around 9am, according to French media reports.

Mr Nunez said in a post on X that he was heading to the scene at the request of the French prime minister.

At least 66 people have died after Typhoon Kalmaegi struck the Philippines, as footage emerges showing the scale of destruction.

A further 26 people have been reported missing, half of them in Cebu, where floods and mudslides killed at least 49 people, the Office of Civil Defence said.

Six crew members of a military helicopter were also killed when it crashed on the island of Mindanao, where it was carrying out a humanitarian disaster response mission, according to the military.

The powerful storm, locally named Tino, made landfall early on Tuesday and lashed the country with sustained winds of 87mph and gusts of up to 121mph.

‘State of calamity’ in Cebu

Several people were trapped on their roofs by floodwaters in the coastal town of Liloan in Cebu, said Gwendolyn Pang, secretary-general of the Philippine Red Cross.

She said in the city of Mandaune, also in Cebu, floodwaters were “up to the level of heads of people”, adding that several cars were submerged in floods or floated in another community in Cebu.

Cebu, a province of more than 2.4 million people, was still recovering from a 6.9 magnitude earthquake on 30 September, which left at least 79 people dead.

A state of calamity has been declared in the province to allow authorities to disburse emergency funds more rapidly.

Fierce winds either ripped off roofs or damaged around 300 mostly rural shanties on the island community of Homonhon in Eastern Samar, but there were no reported deaths or injuries, mayor Annaliza Gonzales Kwan said.

“There was no flooding at all, but just strong wind,” she said. “We’re okay. We’ll make this through. We’ve been through a lot, and bigger than this.”

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Hnndreds of thousands evacuated

Before Kalmaegi’s landfall, officials said more than 387,000 people had been evacuated to safer ground in eastern and central Philippine provinces.

The combination of Kalmaegi and a shear line brought heavy rains and strong winds across the Visayas and nearby areas, state weather agency PAGASA said.

A shear line is the boundary between two different air masses such as warm and cold air.

Vietnam gears up for storm

The Vietnamese government has said it was preparing for the worst-case scenario as it braced for the impact of Kalmaegi.

The typhoon is forecast to reach Vietnam’s coasts on Friday morning. Several areas have already suffered heavy flooding over the last week, leaving at least 40 people.

Kalmaegi hit the Philippines as it continues to recover from several disasters, including earthquakes and severe weather over recent months.

Around 20 typhoons and storms hit the Philippines each year, and the country is also often struck by earthquakes and has more than a dozen active volcanoes.