- Tesla is done with Delaware.
- Elon Musk has been disapproving of Delaware since a judge ruled against his huge salary.
- The company now wants shareholders to officially move the company to Texas.
Tesla wants to abandon Delaware and make Texas its official headquarters.
In a proxy statement filed Wednesday with the SEC, Tesla asked shareholders to approve moving the electric car company from its current location in Delaware to Texas, where its headquarters are located.
“Texas is the home of Tesla. 2024 is the year Tesla is expected to move to Texas,” the proxy statement said. “We have received letters from thousands of Tesla shareholders – big and small – in favor of moving to Texas. We heard you and now we are officially asking you to speak up in a meaningful way: and vote in favor of integration of Tesla in our Texas home.
Tesla CEO Elon Musk has been in conflict in Delaware since a judge there ruled in January against approving Musk’s $55 billion compensation package, which a shareholder had ruled too excessive during a 2018 trial.
“Never incorporate your business in the State of Delaware,” Musk wrote on X, formerly Twitter, on January 30, following the judge’s ruling.
Now, shareholders will have a chance to make good on Musk’s bail threats.
The proxy statement also asks shareholders to reapprove Musk’s pay package, which is now valued at $47 billion. Shareholders are expected to vote on both proposals – the decision and the salary package – in June.
Until then, Tesla will announce its quarterly results next Tuesday, following massive layoffs of more than 10% of the company’s workforce this week.
businessinsider
