Elon Musk has been challenged to make Tesla a $650bn company in 10 years

Tesla has set its chief executive Elon Musk the challenge of raising the company's valuation of $650bn (£466bn) by 2028.

Musk will be paid up to $7.2bn if he can achieve the goal, but will receive nothing if he cannot hit any milestones.

The compensation will be based on reaching a market capitalization of $100bn, with another tranche of stock options released for each $50bn increase.

The company currently has a valuation of just under $60bn. Meeting the target would make it one of the biggest companies in the world, behind tech giants Apple and Google, which are both currently worth about $900bn and $800bn respectively. Apple is currently vying to become the world's first trillion-dollar company.

Operational milestones have also been put in place as targets for Musk, which must be met by achieving escalating goals for revenue and earnings before interest, tax, depreciation and amortisation (EBITDA).

Musk's future at Tesla has been unclear as the billionaire entrepreneur's other projects such as SpaceX and Hyperloop begin to take off.

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