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Tesla asks shareholders to reinstate Musk's $56 billion pay package, approve move to Texas [Yahoo! Finance]
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US:NASDAQ Investor Relations: ir.tesla.com
Tesla ( TSLA ) filed its proxy statement ahead of the EV maker's June 13 shareholder meeting with two big requests: that shareholders vote to move Tesla's state of incorporation to Texas and that they ratify CEO Elon Musk's 2018 pay package that a Delaware judge rescinded earlier this year. In her letter to shareholders in the proxy statement, Tesla board chair Robyn Denholm said the time is right for Tesla to move its corporate home to Texas, where the company has been headquartered since December 2021. “2024 is the year that Tesla should move home to Texas. We are asking for your vote to approve Tesla's move from Delaware, our current state of incorporation, to a new legal home in Texas. Texas is already our business home, and we are committed to it,” she said. The decision to move Tesla's state of incorporation came after a Delaware chancery court rescinded Musk's pay package, as the judge found it was awarded to Musk by a board that didn't act “in the best interests” of Tes
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