Tesla to hold shareholder vote to incorporate in Texas, says Musk

Tesla Inc. will hold a shareholder vote to decide whether to move the state of its incorporation to Texas, co-founder and Chief Executive Officer Elon Musk said.

Musk will likely have to seek the board’s approval for such a measure. The billionaire’s decision comes after a Delaware judge — where Tesla is currently registered — voided his proposed pay package, calling it excessive. The $55 billion payout would have been the biggest ever granted to a corporate executive. Musk voiced his outrage at the ruling in several posts on X.

The billionaire had earlier conducted a poll of his followers on the social network, formerly Twitter, that overwhelmingly urged him to switch the company’s domicile from Delaware to Texas. He expressed dismay at the ruling in several posts on X, which he acquired a little over a year ago.