Tesla is planning to seek shareholder approval to reinstate CEO Elon Musk's compensation package that was previously rejected by a judge in Delaware. The electric carmaker also intends to relocate its corporate headquarters from Delaware to Texas, as stated in a filing with federal regulators on Wednesday.
The company is set to present these proposals for a vote during its upcoming annual meeting scheduled for June. Earlier this year, Chancellor Kathaleen St. Jude McCormick ruled against Musk's eligibility for a compensation package valued at over $55 billion, which was initially granted by Tesla's board of directors.
In response to the court's decision, Musk expressed his intention to shift Tesla's corporate listing to Texas, where the company's headquarters have already been relocated. Following the ruling, Musk promptly transferred the corporate domicile of Neuralink, his brain implant firm, from Delaware to Nevada.
