Tesla is asking its shareholders to reinstate CEO Elon Musk's pay package and to move the company's incorporation from Delaware to Texas, months after a judge rejected the chief executive's $56 billion compensation. Tesla shareholders voted to approve Musk's pay package in 2018, but a Delaware judge voided it in January, siding with investors that sued to challenge the compensation package, which is the largest ever for a U.S. executive.
After Delaware Judge Kathaleen McCormick tossed Musk's share-based pay package, ruling that the "unfathomable sum" was unfair to shareholders and negotiated by directors who appeared beholden to Musk, the Tesla CEO wrote on X, "Never incorporate your company in the state of Delaware.
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