Tesla CEO Elon Musk has received shareholder approval for an unprecedented compensation plan that could make him the world's first trillionaire.

More than 75% of Tesla shares voted in favor of the package during the company's annual shareholder meeting on Thursday, signaling strong support from investors.

The vote excluded the 15% of Tesla Musk already owns.

Musk, who does not take a salary, will receive the pay package in the form of a stock grant.

If Tesla reaches the ambitious targets outlined in the plan, he could earn up to 423.7 million additional Tesla shares over the next 10 years.

These shares could be worth roughly $1 trillion, contingent on Tesla achieving a market value of $8.5 trillion—a significant jump from its current $1.4 trillion valuation, Engadget said.

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