Tesla asks shareholders to reinstate Musk's $56 billion pay package, approve move to Texas
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Tesla has asked its shareholders to vote on two big requests in its latest proxy statement: to move Tesla's state of incorporation to Texas and to ratify CEO Elon Musk's 2018 pay package. The decision to move Tesla's state of incorporation to Texas comes after a Delaware chancery court rescinded Musk's pay package earlier this year. Musk's pay package was worth around $56 billion. Tesla board chair Robyn Denholm stated that the time is right for Tesla to move its corporate home to Texas, where the company has been headquartered since December 2021. Proxy adviser firms Glass Lewis and ISS have not yet recommended whether shareholders should vote for or against the proposals.
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