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Elon Musk says he’ll move Tesla’s legal HQ to Texas
ced plans to move Tesla’s legal incorporation from Delaware to Texas following a judge’s decision to annul his whopping $55.8 billion compensation package. In a post on his social media platform X on Thursday (Feb 1), Musk said Tesla will immediately hold a shareholder vote to shift the electric vehicle maker’s state of incorporation from Delaware, where many major U.S.
In a post on his social media platform X on Thursday (Feb 1), Musk said Tesla will immediately hold a shareholder vote to shift the electric vehicle maker’s state of incorporation from Delaware, where many major U.S. firms are registered due to favorable tax and business laws. The compensation deal, the largest ever granted an American CEO, helped boost Musk’s net worth to an estimated $220 billion in November 2023, making him the world’s richest person. Former Republican Presidential candidate Vivek Ramaswamy was extremely critical of the Delware ruling saying “courts shouldn’t second-guess the business judgments of boards to maximize shareholder value.”
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