Musk Shifts Tesla Incorporation To Texas After Investor Vote

Tesla Inc has officially shifted its incorporation to Texas from Delaware, according to paperwork filed with the Texas secretary of state’s office.

The move unites the company’s legal home with its physical headquarters, which have been in Austin for years. The paperwork was submitted late Thursday, following a vote by Tesla investors in favour of the departure from Delaware.

Elon Musk, Tesla’s chief executive officer, initiated the move in January after a Delaware judge voided his roughly $56 billion compensation package, the largest ever given to a US corporate executive. Shareholders on Thursday also reapproved the pay plan, although the vote does not guarantee he will get his stock options, given the judge’s decision.

Musk, the world’s richest person, celebrated the move in a social media post, writing that he was sending a cake to Delaware “as a parting gift.” It included an image of a cake with red frosting that said “Vox Populi, Vox Dei,” Latin for “the voice of the people is the voice of God.”

It’s the third corporate exit from Delaware by Musk since the pay decision. In February, he moved SpaceX’s incorporation to Texas and shifted Neuralink Corp.’s incorporation to Nevada, where his social media company X is incorporated. Tesla’s departure took longer because the company is publicly traded.