Tesla Inc. shareholders approved a pay plan that would make CEO Elon Musk the world’s first trillionaire. 

More than 75% of Tesla shares voted for the package at their annual meeting; the vote excluded the 15% Musk owns. The pay plan is in the form of stock would give Musk nearly 423.7 million Tesla shares over a 10-year period, according to CNN.     

“What we’re about to embark upon is not merely a new chapter of the future of Tesla but a whole new book,” Musk said. “I guess what I’m saying is hang onto your Tesla stock.” 

Musk, who is already Tesla’s largest stakeholder, threatened on social media that he would leave the company if the plan was rejected. For those shares to be worth around $1 trillion, the company needs to reach $8.5 trillion in market value. Shares would need to go up by 466% from the current stock price. 

During the first half of the year, Tesla shares fell more than 13%, with most of Musk’s attention toward running the Department of Government Efficiency instead of the company. 

The board explained that the package would be a pay-for-performance ensuring Musk will continue to do what’s best for the company. 

“Having worked with him now for 11 years, I can say what motivates him is doing things that others can’t do or haven’t been able to do,” Tesla Chair Robyn Denholm told The Wall Street Journal.

The package is divided into 12 tranches and could reach its first tranche if Tesla can go from $1.5 trillion to $2 trillion market cap.

With each tranche passed, Musk will receive around 1% of Tesla’s current shares. 

Once all tranches are reached, Musk will not be able to sell the shares until they are vested, which will be in around seven to 10 years.