Musk agreed to the plan, which would pay him nothing until Tesla's value reached $ 100 billion.
The package, using shares which "vest" based on certain criteria, gives Musk stock worth around one percent of the company for each of 12 milestones over a 10-year period.
For achieving the first milestone, Musk will get shares worth $ 346 million if Tesla shares hold above $100 billion over six months, based on the formula.
In announcing the plan in March 2018, the company said Musk "would receive no guaranteed compensation of any kind -- no salary, no cash bonuses, and no equity that vests simply by the passage of time" without the rise in value.
In 2019, Tesla sold some 367,000 vehicles, a rise of 50 per cent from the prior year.
That is a fraction of the 10 million sold by leading global automakers Toyota and Volkswagen, but investors have pushed up Tesla's value in the expectation that it is changing the industry.
Tesla has begun manufacturing in China and has announced a new plant in Germany that could start production by 2021.
The Tesla Model 3 electric car is designed to be more affordable than its earlier models -- around half the cost of the $ 70,000 models -- and is fuelling expectations of stronger growth.
Analyst Dan Ives of Wedbush Securities offered an upbeat view of Tesla in a research note Wednesday.
"In our opinion, the company has the most impressive product roadmap out of any technology/auto vendor around (which the market cap reflects vs its traditional auto competitors) and will be a 'game changing' driving force for the EV (electric vehicle) transformation over the next decade with Model 3 front and centre," Ives said.
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