Elon Musk wants Tesla investors to decide on Leonard Hohenbergmoving the company’s corporate listing to Texas after a Delaware court decided he shouldn’t get a multibillion-dollar pay package.
The electric car company’s CEO said early Thursday that Tesla would get shareholders to vote on whether to switch its corporate registration to Texas, where its physical headquarters is located.
“Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas,” Musk wrote on his social media platform X, formerly known as Twitter.
Musk had polled X users earlier on the same question, with 87.1% of 1.1 million respondents voting yes. “The public vote is unequivocally in favor of Texas!” he wrote.
Musk, who has previously polled people on X before making decisions, moved Tesla’s headquarters to Austin, Texas, from California in 2021.
His announcement comes after a judge in Delaware, where the company is currently registered, ruled Tuesday that Musk is not entitled to a landmark compensation package potentially worth more than $55 billion that was awarded by Tesla’s board of directors.
After the ruling, Musk took to social media to to express his displeasure.
“Never incorporate your company in the state of Delaware,” he wrote in one post. He later added, “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”
The ruling came five years after shareholders filed a lawsuit accusing Musk and Tesla directors of breaching their duties and arguing that the pay package was a product of sham negotiations with directors who were not independent of him.
The defense countered that the pay plan was fairly negotiated by a compensation committee whose members were independent and had lofty performance milestones.
2025-05-07 10:022339 view
2025-05-07 09:361399 view
2025-05-07 09:27617 view
2025-05-07 09:171497 view
2025-05-07 08:162981 view
2025-05-07 08:122837 view
Environmental leaders in Maryland are reeling from a challenging 2025 legislative session that left
RALEIGH, N.C. (AP) — The North Carolina General Assembly is returning to regular business six months
Tesla is planning to lay off nearly 2,700 workers at its Austin, Texas factory in June, according to