In a regulatory filing published Thursday, Tesla has put a $158 billion (£117 billion) valuation on the 2025 compensation package for its chief executive Elon Musk, one of the world’s wealthiest people — but the document also confirmed that Musk will not take home any of that sum this year. The eye-popping valuation stems from a historic pay deal that Tesla shareholders approved back in November, which ties Musk’s earnings to a series of extremely ambitious performance and growth milestones. Until those targets are met, the massive package remains purely nominal, industry analysts emphasize. The approved agreement would grant Musk up to $1 trillion in Tesla stock only if he guides the electric vehicle maker to a series of aggressive long-term goals, chief among them boosting the company’s total market capitalization to $8.5 trillion. For 2025, none of those required milestones were met, so no payout is triggered, says Danni Hewson, head of financial analysis at UK investment platform AJ Bell. “Elon Musk isn’t actually going to pocket $158bn,” Hewson explained to the BBC. The $158 billion figure disclosed in the filing to the U.S. Securities and Exchange Commission (SEC) is not a guaranteed payout for 2025, she added: rather, it is an accounting estimate of what Musk would receive if he ultimately delivers on all the terms of the deal, counting his work toward the targets over the past year. The full list of milestones Musk must hit to unlock the full stock grant is sweeping, and spans multiple business lines at Tesla. He must grow the company’s annual vehicle delivery volume to 20 million units, while also rolling out 1 million humanoid robots. He needs to hit 10 million paid subscriptions for Tesla’s controversial Full Self-Driving driver assistance feature, and launch 1 million commercial autonomous Robotaxis for ride-hailing service. The plan also requires Tesla to hit cumulative core profit of up to $400 billion before the full payout can be issued. If all these targets are met, Musk would receive more than 400 million additional Tesla shares, which would be worth roughly $1 trillion at the $8.5 trillion market valuation the plan calls for. While the goals are intentionally very high, Hewson notes that the structure of the deal was designed to refocus Musk’s attention on Tesla, and the unprecedented package has generated massive global attention for both the CEO and the automaker. Musk already holds the title of the world’s richest person by a wide margin. As of this reporting, Bloomberg estimates his total net worth at $651 billion, while Forbes pegs the figure even higher at $788 billion. Both estimates place his personal wealth far above that of other major tech leaders, including Google co-founders Larry Page and Sergey Brin. Since Musk draws no base salary for his role as Tesla CEO, and already has vast wealth from his sprawling portfolio of other companies, he faces no immediate pressure to hit the targets quickly, Hewson added. One of Musk’s other high-growth ventures, aerospace firm SpaceX, is on track to become one of the most valuable publicly traded companies in the world after its upcoming initial public offering (IPO). The rocket manufacturer recently merged with xAI, Musk’s artificial intelligence startup and parent company of social platform X, ahead of the public listing. Beyond Tesla and SpaceX, Musk is currently embroiled in a high-profile legal battle with OpenAI, the artificial intelligence research lab he co-founded with current CEO Sam Altman in 2015. The legal proceedings have included heated exchanges between Musk and OpenAI’s legal team, as well as the presiding judge. Musk claims that Altman and co-founder Greg Brockman abandoned the organization’s original non-profit mission to pursue for-profit growth, effectively “stealing” the charity he helped build.