Tesla Inc (NASDAQ:TSLA) is set to dish out a US$346mln pay package for its chief executive Elon Musk after its stock more than doubled in three months.

In 2018, shareholders voted for Musk to be paid in company stock options only, based on operations and market capitalisation targets.

READ: Tesla begins to turn off Wall Street scribes despite recent share tear

The first option will be realised when the electric vehicle maker touches a US$100bn market value, and keeps at that level for both a one-month and six-month average, and to achieve that the shares only need to rise another 6%.

This first milestone will allow Musk to receive 1.7mln shares in the stock at a reduced price, for a net value of US$354mln.

The following tranches will be triggered for each US$50bn bump up in market value over ten years, for a total of US$650bn, alongside other revenue and profit targets.

If achieved, the billionaire would receive a paycheck far larger than other US executives, Reuters reported.

Tesla shares dipped 1% to US$531.62 at the New York opening bell.