Tesla: Elon Musk moves to shift firm’s legal home to Texas

Tesla moves to Texas

 

Elon Musk claims that Tesla will move quickly to put a vote to shareholders on driving the company’s legal domicile from Delaware, the US, to Texas.

 

This occurs when a Delaware judge voids Elon Musk’s $55.8 billion (¬£44 billion) salary from Tesla. Following the decision, he wrote on social media, “Never incorporate your corporation in the state of Delaware.” Delaware, a state renowned for having low taxes, is home to many large companies, including Amazon.

 

Judge Kathleen McCormick discovered this week that the Tesla directors who bargained for the compensation package in 2018 were not fully disclosed to shareholders and were “possibly starry-eyed” because of Mr. Musk’s “superstar appeal.”

 

Rejecting the deal, she declared it “unfathomable” and said it unenforceable.

 

The compensation package, which made Mr. Musk the wealthiest person in the world, was the largest in US business history.

 

In November 2023, Bloomberg and Forbes projected his net worth to be between $198 billion and $220 billion.

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