Tesla CEO Elon Musk has announced that shareholders will vote on relocating the company's legal home to Texas. The decision comes after a Delaware judge recently rejected Musk's proposed $56 billion pay package. The lawsuit challenging the pay package was filed by a shareholder who argued that it amounted to overpayment. The specific date for the vote has not been determined.
Musk expressed his frustration regarding the outcome of the lawsuit in a social media post, emphasizing, 'Never incorporate your company in the state of Delaware.' As a result, Tesla's corporate headquarters, which were previously located in Texas, may be moved back to the state if shareholders vote in favor of the relocation.
