Tesla CEO Elon Musk has announced plans to hold a shareholder vote on relocating the company’s legal home from Delaware to Texas. This decision comes after a judge in Delaware invalidated Musk’s $55.8 billion pay package. Following the ruling, Musk took to social media to advise against incorporating companies in Delaware, a state known for its low taxes. The judge found that Tesla directors, who negotiated the pay package in 2018, did not adequately inform shareholders and described the deal as “unfathomable.” The lawsuit was brought by a shareholder who argued that the payment was excessive. Tesla recently moved its corporate headquarters from California to Texas, citing concerns over tax policies and regulations in the former state.
Not for human consumption
