Elon Musk said via a Twitter poll that Tesla will hold a shareholder vote on moving its state of incorporation from Delaware to Texas. Over 80% of poll respondents voted yes to relocating, though polls on X's platform are informal. The move comes after a Delaware judge voided Musk's $56 billion compensation package from 2018. Musk expressed dislike for Delaware and said, "Never incorporate your company in the state of Delaware," in a post on his X account. An expert said Texas has more lax standards on CEO pay without liability versus Delaware fiduciary standards.
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00:00 It's Benzinga and here's what's on the block.
00:02 Elon Musk said via a Twitter poll that Tesla will hold a shareholder vote on moving its
00:06 state of incorporation from Delaware to Texas. Over 80 percent of poll respondents voted yes
00:11 to relocating, though polls on X's platform are informal. The move comes after a Delaware judge
00:17 voided Musk's $56 billion compensation package from 2018. Musk expressed dislike for Delaware
00:23 and said never incorporate your company in the state of Delaware in a post on his X account.
00:28 An expert said Texas has more lax standards on CEO pay without liability versus Delaware
00:33 fiduciary standards. The decision could still be challenged by shareholders as
00:38 favoring Musk over the company. For all things money visit Benzinga.com