Tesla shareholders have agreed to hit 'Ludicrous Mode' for Elon Musk's pay deal , with the outspoken CEO set to earn up to US$1 trillion (A$1.54 trillion) if certain targets are achieved.

According to Tesla, the US$1 trillion compensation package was approved by over 75 per cent of the vote. Mr Musk, who owns around 15 per cent of Tesla's stock, was allowed to vote on the pay deal.

Like his earlier US$56 billion (A$86 billion) incentive package, Mr Musk's latest blockbuster deal will be triggered in stages when certain milestones are met over the next 10 years. These include having 20 million Teslas on the road, deploying 1 million self-driving taxis, and hitting a range of valuation targets from US$2 trillion to US$8.5 trillion.

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