Musk says Tesla will hold shareholder vote 'immediately' to move company's incorporation to Texas
www.forbes.com.au
Billionaire Elon Musk justified the decision on the results of an unscientific poll run on his X account a day earlier.

Musk says Tesla will hold shareholder vote ‘immediately’ to move company’s incorporation to Texas::Billionaire Elon Musk justified the decision on the results of an unscientific poll run on his X account a day earlier.

  • fidodo@lemmy.worldEnglish
    1061·
    10 months ago

    To the state that can’t even keep their power grid up during the winter?.. Or summer?

    • Voroxpete@sh.itjust.worksEnglish
      76·
      10 months ago

      This has nothing to do with physical locality.

      It’s because he lost a shareholder lawsuit over his exorbitant compensation package, and he’s being a whiny salty baby about it.

      To be clear, Tesla is currently incorporated in Delaware, which is already well known for being extremely hostile to shareholder lawsuits like this. He picked the most favourable ground possible and still lost. He’s not going to get better treatment from Texas.

      He’s just throwing his toys out of the pram because he’s mad, and forcing the entirety of Tesla to join in his tantrum.

        • M500@lemmy.mlEnglish
          2·
          10 months ago

          I think it’s because Delaware has really lax laws on incorporating and a special court just for corporate stuff so legal issues can get sorted quickly.

          edit

          Like in Delaware you can incorporate for like $500 a year and not even need to provide the names of the officers or ceo of the corporation.

      • phoneymouse@lemmy.worldEnglish
        6·
        10 months ago

        It doesn’t matter where you’re incorporated. Previously, he was incorporated in Delaware, but had an HQ in California. Actually, most US corporations are incorporated in Delaware because the small state with not much else going for it has very very business friendly laws.

      • StaticFalconar@lemmy.worldEnglish
        37·
        10 months ago

        Texas has Nasa and Texas instruments (they do more than make calculators). So its not impossible to find.

    • wizardbeard@lemmy.dbzer0.comEnglish
      6·
      10 months ago

      Fair, but this is talking about where the company is incorporated, which isn’t the same as where they’re physically operating from.