Tesla wants to abandon Delaware and make Texas its official home.
In a proxy statement filed with the SEC on Wednesday, Tesla asked shareholders to approve moving the electric car company’s incorporation from its current location in Delaware to Texas, where its headquarters are.
“Texas Is Tesla’s Home. 2024 is the year that Tesla should move home to Texas,” the proxy statement reads. “We have received letters from thousands of Tesla stockholders — large and small — supporting a move home to Texas. We have heard you, and now we formally ask that you speak in a meaningful way: and vote in favor of taking Tesla to our business home of Texas.”
Tesla CEO Elon Musk has been feuding with Delaware since a judge there ruled in January against approving Musk’s $55 billion pay package, which a shareholder had argued in a 2018 lawsuit was too excessive.
“Never incorporate your company in the state …