Elon Musk plans to hold a shareholder vote to relocate Tesla’s incorporation from Delaware to Texas after a Delaware judge invalidated his $56 billion pay package.
Musk’s proposal comes after an informal poll on Twitter, where over 80% of participants supported the idea.
The potential move to Texas could offer Tesla a more relaxed regulatory environment, particularly regarding executive compensation, but legal experts have raised concerns about potential challenges and shareholder lawsuits.
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. https://t.co/ParwqQvS3d
— Elon Musk (@elonmusk) February 1, 2024
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