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Elon Musk seeks Tesla shareholder vote on moving incorporation to Texas

Economic Times · 1y

Tesla CEO Elon Musk has announced plans to hold a shareholder vote for transferring the company's state of incorporation from Delaware to Texas. This comes after a judge invalidated Musk's $56 billion pay package and criticized the directors who negotiated it. Musk, who has already moved Tesla's headquarters to Texas, expressed his preference for incorporating in Texas and conducted a poll, with over 87% of votes in favor of the shift. This move aligns with Musk's larger interest in Texas, where several of his other companies also have operations.