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Elon Musk says Tesla will hold vote to incorporate in Texas after Delaware pay snub
Posted on 2/1/24 at 5:53 am
Posted on 2/1/24 at 5:53 am
quote:
Elon Musk said late Wednesday that Tesla
will hold a shareholder vote on whether to transfer the electric carmaker’s state of incorporation to Texas.
The billionaire asked his followers via a straw poll on X, formerly Twitter, whether Tesla should change the state where it is incorporated to Texas, where its physical headquarters are. More than 80% of those who voted said yes. Polls on the social media platform are informal and not comparable to professional public opinion research.
After the poll, Musk said Tesla will “will move immediately to hold a shareholder vote to transfer state of incorporation to Texas.” Musk will likely have to seek approval from the Tesla board to enact such a move. Tesla is currently incorporated in Delaware.
quote:
CNBC asked Columbia Law School professor Eric Talley why would Musk want to, and why would shareholders prefer if Tesla reincorporated in Texas.
The professor said, for one thing, Texas is more lax about paying large sums to CEOs without liability. If Tesla reincorporates there, the board could decide to give Musk a “gratitude” bonus potentially, without having to abide by Delaware fiduciary standards. Those standards resulted in the court ruling that the company should rescind Musk’s 2018 pay package.
But Talley noted that a decision to reincorporate could itself be challenged by shareholders as “a choice made for Musk-selfish reasons,” and thus as a breach of fiduciary duty while Tesla is still subject to Delaware law.
Elon Musk says Tesla will hold a shareholder vote to incorporate in Texas after Delaware pay snub
Posted on 2/1/24 at 6:01 am to saint tiger225
quote:
Polls on the social media platform are informal and not comparable to professional public opinion research.
Sad this even has to be said.
Posted on 2/1/24 at 6:03 am to Tortious
quote:"professional public opinion research"
Polls on the social media platform are informal and not comparable to professional public opinion research.
Posted on 2/1/24 at 6:10 am to saint tiger225
My wife’s four year old son was bawling yesterday about Elon and CEOs. He asked me why these CEOs are so greedy when people are suffering. His sense of morality is inspiring.
Posted on 2/1/24 at 6:13 am to saint tiger225
Typical Lib response by Del court, which to their shock, leads another exodus of money.
Posted on 2/1/24 at 6:13 am to saint tiger225
Y’all are like Swifites the way you fawn over this guy’s every move
Posted on 2/1/24 at 6:16 am to Draconian Sanctions
Aren’t you a white male Democrat?
Posted on 2/1/24 at 6:17 am to NIH
No. What does that have to do with anything, anyway?
Posted on 2/1/24 at 6:18 am to Draconian Sanctions
Oh, you’re an independent?
Posted on 2/1/24 at 6:19 am to Draconian Sanctions
quote:
Y’all are like Swifites the way you fawn over this guy’s every move
Reeks of envy. No ones fawning here. We're noticing that government is being invasive and overbearing here.
You being a leftist dont care about literal control.
Posted on 2/1/24 at 6:19 am to NIH
Correct, I’ve also never divulged my race on here.
Posted on 2/1/24 at 6:21 am to Draconian Sanctions
quote:
Draconian Sanctions
Posted on 2/1/24 at 6:26 am to cypresstiger
quote:
Typical Lib response by Del court, which to their shock, leads another exodus of money.
Maybe Delaware should look at the salaries of those in the Delaware court and start redistributing them.
Posted on 2/1/24 at 6:28 am to Draconian Sanctions
You know how I know you’re a white male democrat? You don’t want to admit it and you’re a liar, everyone here knows it too
Posted on 2/1/24 at 6:30 am to RogerTheShrubber
quote:
No ones fawning here
Posted on 2/1/24 at 6:30 am to Bourre
No man, youre just worshipping Elon according to the leftist dipshits.
We should all support government limiting our pay, I guess. Maybe they could centrally plan salaries. Like 100k max for lawyers.
We should all support government limiting our pay, I guess. Maybe they could centrally plan salaries. Like 100k max for lawyers.
Posted on 2/1/24 at 6:30 am to Draconian Sanctions
quote:
Oh you’re an independent?
quote:
Correct, I’ve also never divulged my race on here.
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