Tesla files paperwork to ditch Delaware after shareholders approve move, Elon Musk’s $56B pay win
NY Post
Tesla boss Elon Musk let Delaware know it can eat cake as the company reportedly put in paperwork to shift its incorporation from the First State to the Lone Star State.
Nearly 90% of shareholders on Thursday voted in favor of the move, leading Musk to quip on his social media site X that he was sending a cake to Delaware “as a parting gift.”
The post included an image of a vanilla-frosted sheet cake with the words “Vox Populi, Vox Dei” – Latin for “the voice of the people is the voice of God” – written in red letters, along with a big heart.
Musk initiated the move from Delaware to Texas in January after Delaware judge Kathaleen McCormick struck down his $56 billion pay package that was approved in 2018, calling the massive compensation “an unfathomable sum.”
In a separate vote Thursday, nearly three-quarters of shareholders – excluding Musk and his brother, Kimbal Musk – gave the green light to the largest-ever corporate pay package, overcoming opposition from a number of institutional investors and proxy advisory firms.
The decisive vote confirms the company’s commitment to the 2018 deal, Tesla board chair Robyn Denholm said in a letter to shareholders on Friday.
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