Elon Musk has been face of Tesla for two decades as an investor and CEO—but only if shareholders don't ADOPTED His multi-billion dollar compensation package next week, things could change.

Robyn Denholm, chairman of Tesla's board, sent shareholders a paper on Wednesday urging them to approve Musk's proposed $56 billion payout at the company's June 13 annual meeting.

Compensation package, which can be higher in US corporate history, “of course it wasn't about the money,” Denholm wrote.

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Instead, Denholm framed the issue as a way to encourage Musk to continue focusing on Tesla.

“If Tesla wants to keep Elon's attention and motivate him to continue devoting his time, energy, ambition and vision to deliver comparable results in the future, we must stand by our agreement,” Denholm wrote.

^{Tesla CEO Elon Musk. Photo by Christian Marquardt – Pool/Getty Images}

Musk's pay package was first approved by shareholders in 2018 and it's up to Musk to lead Tesla to hit a series of revenue, market cap and operational milestones.

One goal, for example, was to increase Tesla's market cap by almost $600 billion.

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Musk hit targets and could have received his reward earlier this year – but there was a legal issue. A Delaware judge upside down pay package in January, calling it “an incomprehensible amount” and wrote that “the proxy statement inaccurately described the principal directors as independent and misleadingly omitted details about the process.”

Now Tesla is trying to move its legal home from Delaware to Texas and is asking shareholders to re-approve Musk's payout.

Both issues will be voted on at Tesla's annual meeting.

The suggested salary would put Musk ahead of other CEOs. A Monday STUDY from the Associated Press showed that the highest-paid CEO of an S&P 500 public last year was Broadcom's Hock E. Tan.

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Tan's compensation last year, including base salary, bonuses and stock awards, was about $162 million.

Apple CEO Tim Cook was third on the list with total compensation of $63 million, and Netflix CEO Theodore A. Sarandos was fifth, earning nearly $50 million.

Musk also owns Xonce Twitter, and leads SpaceX, NeuralinkAND The Boring Company.