Tesla: Elon Musk moves to shift firm's legal home to Texas - BBC News

The multi-billionaire says the electric car maker will move immediately to hold a shareholder vote on the matter.

4 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesBy Mariko OiBusiness reporterElon Musk says Tesla will move immediately to hold a shareholder vote on shifting the firm's legal home from the US state of Delaware to Texas.

It comes after a judge in Delaware annulled Mr Musk's $55.8bn (£44bn) Tesla pay package.

After the ruling, he posted on social media: "Never incorporate your company in the state of Delaware."

Many big firms, including Amazon, are registered in Delaware, which is known for having light taxation.

This week, Judge Kathaleen McCormick found Tesla directors, who negotiated the pay package in 2018, were "perhaps starry eyed" due to Mr Musk's "superstar appeal" and did not fully inform shareholders.

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