Elon Musk is done with the state of Delaware.
Musk says he will call a shareholder vote to transfer Tesla's incorporation to Texas.
The decision comes after a Delaware judge voided his $55 billion compensation package at Tesla.
Musk's poll asking whether he should shift Tesla's state of incorporation to Texas, where it's currently headquartered, received 1,102,554 votes, 87.1% of which were "yeses."
"Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas," Musk wrote on X.
The public vote is unequivocally in favor of Texas!
Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas. https://t.co/ParwqQvS3d
— Elon Musk (@elonmusk) February 1, 2024
Musk's announcement comes after a Delaware judge voided his $55 billion compensation package at Tesla.
Musk isn't paid a salary for his work as Tesla's CEO. Instead, his pay package is based on goals tied to the company's financial growth.
Under the terms of the package, Musk would be granted stock equivalent to 1% of Tesla's outstanding shares whenever he met the 12 tranches of growth targets.
The ruling in Delaware could threaten Musk's title as the world's richest person, given that most of his wealth is tied to his equity in Tesla.
"Never incorporate your company in the state of Delaware," Musk wrote on X on Tuesday.
Representatives for Tesla did not immediately respond to a request for comment from Business Insider sent outside regular business hours.
Read the original article on Business Insider