Elon Musk Announces Shareholder Vote to Move Tesla's Incorporation to Texas
The decision follows a Delaware court ruling that voided Musk's $56 billion compensation package, sparking a public poll on X with 87% in favor of the move.
- Elon Musk has announced that Tesla will hold a shareholder vote to move the company's state of incorporation from Delaware to Texas, following a Delaware court ruling that voided his $56 billion compensation package.
- The decision comes after Musk conducted a poll on social media platform X, which he owns, with 87% of participants voting in favor of the move to Texas.
- Delaware Judge Kathaleen St J McCormick voided Musk's 2018 compensation package, calling it 'unfair' to shareholders.
- Musk has strong ties with Texas, having moved Tesla's corporate headquarters from California to Austin in 2021, and several of his other companies also have operations in the state.
- The move to Texas is seen as a reaction to what Musk perceives as unfriendly business conditions in Delaware, but it is unclear whether the Tesla board supports the decision.
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