Elon Musk has announced Tesla will hold a vote on moving the company’s legal base to Texas after the state of Delaware threw out his pay package at the electric vehicle maker.
The world’s richest person, whose No 1 status is endangered by the Delaware ruling, held a poll on X asking whether Tesla should change the company’s state of incorporation from Delaware to Texas.
With more than 1m votes cast, the poll recorded 87% in favour of moving. Responding on Thursday, Musk wrote on his X account: “The public vote is unequivocally in favour of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas.”
On Tuesday, a Delaware judge called a 2018 share-based package awarded to the Tesla chief executive “an unfathomable sum” that was unfair to shareholders, and struck down the arrangement.
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