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Elon Musk seeks Tesla shareholder vote on moving incorporation to Texas

Economic Times

Economic Times · 1y ago

Elon Musk seeks Tesla shareholder vote on moving incorporation to Texas

Tesla CEO Elon Musk has announced plans to hold a shareholder vote for transferring the company's state of incorporation from Delaware to Texas. This comes after a judge invalidated Musk's $56 billion pay package and criticized the directors who negotiated it. Musk, who has already moved Tesla's headquarters to Texas, expressed his preference for incorporating in Texas and conducted a poll, with over 87% of votes in favor of the shift. This move aligns with Musk's larger interest in Texas, where several of his other companies also have operations.

Related News

Musk says SpaceX has moved its incorporation to Texas from Delaware

Reuters · 1y ago

Musk says SpaceX has moved its incorporation to Texas from Delaware

Rocket company SpaceX, led by CEO Elon Musk, has shifted its state of incorporation from Delaware to Texas. Musk announced the move on his platform X, formerly known as Twitter, advising companies still incorporated in Delaware to relocate. This development follows Musk's recent proposal to hold a shareholder vote to move Tesla's state of incorporation to Texas. Additionally, his brain-chip implant company, Neuralink, also relocated its incorporation from Delaware to Nevada.

Elon Musk says SpaceX has moved its incorporation to Texas from Delaware

Economic Times

Economic Times · 1y ago

Elon Musk says SpaceX has moved its incorporation to Texas from Delaware

SpaceX, the rocket company founded by Elon Musk, has officially moved its state of incorporation from Delaware to Texas. This follows Elon Musk's announcement earlier this month that he intends to hold a shareholder vote to move Tesla's state of incorporation to Texas as well. The move comes after a Delaware judge invalidated Musk's $56 billion pay package. Additionally, Musk's brain-chip implant company, Neuralink, recently changed its incorporation location from Delaware to Nevada.

Tesla has spent $200,000 advertising on Elon Musk's X so far

TechCrunch · 1y ago

Tesla has spent $200,000 advertising on Elon Musk's X so far

Tesla has disclosed in its annual proxy statement that it paid approximately $200,000 for advertising on Elon Musk's social media platform, X, up until February 2024. Additionally, Tesla paid X around $50,000 in 2023 and $30,000 through February 2024 for various agreements. The proxy statement also reveals transactions between Tesla and Musk's other companies, such as SpaceX, The Boring Company, and Redwood Materials. Furthermore, the document sheds light on Tesla's evaluation of moving its state of incorporation to Texas and re-voting on Musk's stock compensation plan, which will be put to a shareholder vote on June 13.

Musk shifts Neuralink incorporation from Delaware to Nevada as he rails against $55 billion pay ruling

Business Insider

Business Insider · 1y ago

Musk shifts Neuralink incorporation from Delaware to Nevada as he rails against $55 billion pay ruling

Elon Musk has shifted the incorporation location of his brain-chip implant company Neuralink from Delaware to Nevada. The move comes after legal setbacks for Musk in Delaware, including a judge striking down his $55 billion pay package. Musk recommended incorporating in Nevada or Texas for shareholders to have more decision-making power. This is not the first time Musk has relocated his companies, previously moving X and expressing his intent to reincorporate Tesla. Delaware is known as the US's incorporation capital, but Musk has criticized it and advocated for Texas as a better option.

Tesla again seeks shareholder nod for Musk's 2018 pay voided by judge

Livemint

Livemint · 1y ago

Tesla again seeks shareholder nod for Musk's 2018 pay voided by judge

Tesla is seeking shareholder approval for CEO Elon Musk's $56 billion pay package, which was rejected by a Delaware judge in January. The compensation is based on Tesla's market value reaching up to $650 billion over the next decade. The judge called the package an "unfathomable sum." Tesla disagrees with the decision and is asking shareholders to vote on the original package. The company also wants approval to change its state of incorporation from Delaware to Texas. Musk's compensation for 2023 was $0.

Shifting Tesla incorporation to Texas may not give Musk what he wants

Reuters · 1y ago

Shifting Tesla incorporation to Texas may not give Musk what he wants

Elon Musk's plan to relocate Tesla's incorporation to Texas may not bring him the desired freedom due to the lack of history and different rules in Texas business courts. Delaware, the current state of incorporation, is preferred by companies for its long-standing corporate legal system. Texas, on the other hand, has recently created business courts, which will officially open in September. Legal experts suggest that Texas needs time to establish a reliable reputation for handling business disputes before companies consider moving their incorporation. Additionally, Texas law is vaguer compared to Delaware law, which prioritizes shareholder value.

Elon Musk Is Moving SpaceX to Texas After Spat With Delaware Judge

Gizmodo

Gizmodo · 1y ago

Elon Musk Is Moving SpaceX to Texas After Spat With Delaware Judge

SpaceX is moving its incorporation location from Delaware to Texas, following a ruling against Elon Musk's pay package from a Delaware judge. Musk had already filed to move his other company, Neuralink, to Nevada. Moving Tesla out of Delaware may be more challenging as it is a public company. SpaceX already has a presence in Texas with its spaceport in Boca Chica and a planned office and factory in Brownsville. Musk's recommendation to other companies is to move from Delaware to another state.

The Tesla shareholder who denied Musk his $55 billion payday is a former heavy metal drummer

Business Insider

Business Insider · 1y ago

The Tesla shareholder who denied Musk his $55 billion payday is a former heavy metal drummer

Richard Tornetta, the Tesla shareholder who successfully sued the company over Elon Musk's $55 billion compensation plan, was revealed to be a former heavy metal drummer for the band Dawn of Correction. Tornetta's victory in court has denied Musk his massive payday, prompting the billionaire to express frustration and seek to move Tesla's incorporation to Texas. The Delaware court ruled the compensation package to be unfair to shareholders, making Tesla develop a new plan for Musk's compensation.

Elon Musk suggests Tesla could leave Delaware after a judge blocked his $55 billion pay deal

Business Insider

Business Insider · 1y ago

Elon Musk suggests Tesla could leave Delaware after a judge blocked his $55 billion pay deal

Elon Musk has expressed his dissatisfaction with the state of Delaware after a judge ruled against his $55 billion compensation package for Tesla. Musk took to Twitter suggesting that companies should never incorporate in Delaware and recommended incorporating in Nevada or Texas instead. He even posted a poll asking users whether Tesla should change its state of incorporation to Texas, where its headquarters are located. This ruling threatens Musk's position as the world's richest person.

Tesla's board faces a 'tornado situation' after Elon Musk's $55 billion pay package was struck down, analysts say

Business Insider

Business Insider · 1y ago

Tesla's board faces a 'tornado situation' after Elon Musk's $55 billion pay package was struck down, analysts say

Tesla's board is facing a challenging time after a judge rejected Elon Musk's $55 billion pay plan. Analysts say the decision is surprising and creates uncertainty for the board, with Wall Street closely watching their next move. Musk plans to hold a shareholder vote to move Tesla's incorporation from Delaware to Texas. The court ruling found that the compensation package was excessive and criticized the board's lack of negotiation. Musk's push for greater control and pursuit of AI initiatives may face resistance from activist investors.

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