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Elon Musk announces major shareholder vote for the future of Tesla

via Insider News

Tesla, led by CEO Elon Musk, plans to transfer its state of incorporation to Texas following a Delaware judge’s voiding of Musk’s $56 billion pay package.

Musk, who moved the company’s headquarters to Texas in 2021, cited the state’s business-friendly environment.

Musk wrote, “Never incorporate your company in the state of Delaware.”

“Should Tesla change its state of incorporation to Texas, home of its physical headquarters?” asked the Tesla CEO.

The decision comes after a poll on X (formerly Twitter) where 87.1% of users voted in favor of the move.

Texas is home to Tesla’s corporate headquarters, a gigafactory, and future plans for a lithium refinery.

“The public vote is unequivocally in favor of Texas!” exclaimed Musk.

“Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas,” he continued.

Musk has faced challenges in Delaware, and he recommended incorporating in Nevada or Texas for shareholder decision-making.

Musk advised, “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”

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