Tesla to take shareholder vote on shifting incorporation to Texas, Musk says

Musk then launched a poll on his social media platform X asking if Tesla should change its state of incorporation to Texas.

Tesla Inc will move immediately to hold a shareholder vote to transfer the electronic vehicle (EV) maker's state of incorporation to Texas from Delaware, Elon Musk said on Thursday.

A Delaware judge on Tuesday tossed out Musk's record-breaking $56 billion Tesla pay package, calling the compensation granted by the EV maker's board "an unfathomable sum" that was unfair to shareholders. Musk then launched a poll on his social media platform X asking if Tesla should change its state of incorporation to Texas. The poll had over 1.1 million votes cast, with over 87% voting in favor of the change.

"The public vote is unequivocally in favor of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas," Musk said in his latest post on X.