Tesla has asked its shareholders to approve moving its state of incorporation from Delaware to Texas, fulfilling chief executive Elon Musk’s promise in February after a Delaware court voided his $56bn pay package.
Robyn Denholm, chair of Tesla’s board, wrote to shareholders on Wednesday asking them to approve the move to Texas and to ratify Musk’s pay package, which they previously approved at a meeting in 2018.
If successful, the decision will mean Musk collects shares worth $47.8bn at today’s share price.
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