Tesla’s legal base is moving to Texas after a pay package ruling by Elon Musk

The state of Delaware threw out Elon Musk’s pay package at Tesla after rejecting its legal base in Texas. Tesla will hold a vote on moving its legal base to Texas.

According to the poll on X, the world’s richest person wants Tesla’s state of incorporation to be changed from Delaware to Texas to protect his No. 1 status.

A poll of more than 1 million voters showed that 87% of respondents supported moving. Taking to his X account, Musk responded on Thursday: “The public is unequivocally in favour of Texas!”. A shareholder vote will be held immediately to transfer Tesla’s state of incorporation to Texas.”

Tesla’s chief executive was awarded a share-based package in 2018 that a Delaware judge disapproved due to its unfairness to shareholders.