Tesla CEO Elon Musk has announced that the company will hold a shareholder vote to relocate its incorporation to Texas from Delaware. This decision comes on the heels of a contentious legal battle where a Delaware judge invalidated Musk’s staggering $56 billion pay package.
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Incorporation to Texas
Judge Kathaleen McCormick of Delaware’s Court of Chancery recently voided Elon Musk’s unprecedented $56 billion compensation plan, deeming it an “unfathomable sum” and criticizing the flawed process by which Tesla’s board approved the package. The ruling, a major blow to Musk, raises questions about the future of his wealth and Tesla’s corporate governance.
Expressing his dissatisfaction on the social platform X, Musk conducted an informal poll regarding Tesla’s potential relocation to Texas. Astonishingly, 87.1% of the over 1.1 million respondents favored the move, prompting Musk to declare, “The public vote is unequivocally in favor of Texas!”
