Elon Musk, Tesla’s CEO, has announced plans to change the state of incorporation to Texas.
“The public vote is unequivocally in favor of Texas!” Musk tweeted on X Wednesday night, referring to the poll he held on Tuesday.
Over a million people voted in Musk’s poll on whether Tesla should change its state of incorporation to Texas, where its headquarters are currently located. Musk’s survey garnered 1,102,554 votes, with 87.1% of respondents voting “yes.”
“Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas,” Musk stated in a post on X
Musk’s declaration comes after a Delaware judge struck down his $55 billion compensation package at Tesla.
Musk is not paid a salary for his position as Tesla CEO. Instead, his compensation is based on a set of targets related to Tesla’s financial development.
According to the terms of the agreement, Musk would be rewarded stock equivalent to 1% of Tesla’s outstanding shares anytime he met the 12 growth targets.
The Delaware verdict could jeopardize Musk’s position as the world’s richest person, as the majority of his wealth is linked to his stake in Tesla.
“Never incorporate your company in the state of Delaware,” Musk said on X on Tuesday.
Musk appears to have a deep connection to the Lone Star State. Bloomberg reported in December that the billionaire intended to establish his own university in Austin.
In January, Musk’s social media platform X told Bloomberg that it would be employing 100 people for a new content moderation center in Austin.