Tesla to take shareholder vote on shifting incorporation to Texas: Musk

Tesla Inc will move immediately to hold a shareholder vote to transfer the electronic vehicle (EV) maker's state of incorporation to Texas from Delaware, Musk said

Tesla Inc will move immediately to hold a shareholder vote to transfer the electronic vehicle (EV) maker's state of incorporation to Texas from Delaware, Elon Musk said on Thursday.
 

A Delaware judge on Tuesday tossed out Musk's record-breaking $56 billion Tesla pay package, calling the compensation granted by the EV maker's board "an unfathomable sum" that was unfair to shareholders.
 

Musk then launched a poll on his social media platform X asking if Tesla should change its state of incorporation to Texas. The poll had over 1.1 million votes cast, with over 87 per cent voting in favor of the change.
 

 

"The public vote is unequivocally in favor of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas," Musk said in his latest post on X.