(MENAFN) Elon Musk is proposing that Tesla investors determine whether the company's corporate listing should be moved to Texas following a Delaware court ruling that denied him a multibillion-dollar pay package.
The CEO of the electric car company announced on Thursday that Tesla intends to hold a shareholder vote regarding the potential relocation of its corporate registration to Texas, where its physical headquarters is situated.
“Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas,” Musk said in a post on his social media podium X, previously known as Twitter.
Elon Musk had previously conducted a poll among X users on the same question, with 87.1 percent of the 1.1 million respondents voting in favor of the move. Musk highlighted the overwhelming support for Texas, stating, "The public vote is unequivocally in favor of Texas!"
Musk, known for soliciting input from users on X before making decisions, relocated Tesla's headquarters from California to Austin, Texas, in 2021.
His recent announcement follows a Delaware judge's ruling on Tuesday, which determined that Musk is not entitled to a groundbreaking compensation package potentially exceeding USD55 billion, previously awarded by Tesla's board of directors.
Following the court's decision, Musk voiced his discontent on social media platforms.
MENAFN01022024000045015839ID1107797517
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.