REenergize
REenergize

Musk seeks Tesla shareholder vote on moving incorporation to Texas state

Juan Pedro February 6, 2024

In Texas, Reuters reported that Tesla CEO Elon Musk said that the company will hold a shareholder vote to transfer its state of incorporation to Texas from Delaware, after a judge invalidated his $56 billion pay package at the electric vehicle maker. Delaware judge Kathaleen McCormick had recently called the 2018 share-based pay package – the largest in corporate America – “an unfathomable sum” that was unfair to shareholders and found it was negotiated by directors who appeared beholden to Musk. “Never incorporate your company in the state of Delaware,” Musk posted on social media X shortly after the ruling. One of the Tesla’s gigafactories is in Texas, where the company is also planning an over $750 million expansion. It is also building a lithium refinery in Texas, aiming to produce enough for about 1 million EVs by 2025.

More on the story.

Categories: Energy

Related Articles

Report

Harassment or bullying behavior
Contains mature or sensitive content
Contains misleading or false information
Contains abusive or derogatory content
Contains spam, fake content or potential malware

Block Member?

Please confirm you want to block this member.

You will no longer be able to:

  • See blocked member's posts
  • Mention this member in posts
  • Invite this member to groups
  • Message this member
  • Add this member as a connection

Please note: This action will also remove this member from your connections and send a report to the site admin. Please allow a few minutes for this process to complete.

Report

You have already reported this .