Tesla’s board on Friday proposed a pay package that could make its chief executive, Elon Musk, the world’s first trillionaire as long as he meets a series of very ambitious corporate goals.

Mr. Musk, already the world’s richest person, would have to increase Tesla’s stock market value eightfold over the next decade to collect the full value of the package, according to a securities filing.

All the compensation would be in the form of Tesla shares. The package, which must be approved by the company’s shareholders, is expected to be put to a vote at an annual meeting on Nov. 6.

Mr. Musk has a net worth of more than $400 billion, according to Forbes. The new pay could add around $900 billion to that fortune if he succeeds in raising Tesla’s stock market value to $8.5 trillion from about $1.1 trillion today. It would be by far the richest compensation of any executive in corporate history.

Mr. Musk would have to remain at Tesla for at least seven and a half years to cash in any of the shares, and 10 years to earn the full amount. He would also have to meet various very ambitious operational milestones, including overseeing the commercial deployment of one million autonomous taxis and humanoid robots and a more than 24-fold increase in profit.

Hitting many of those targets could be extremely hard. Many other companies around the world are racing to perfect self-driving cars and robots.