By Sherry Qin


Tesla will hold a shareholder vote to decide whether to transfer its state of incorporation to Texas, Chief Executive Elon Musk said.

Musk's decision comes after a Delaware court ordered him to give up a Tesla compensation package valued at over $55 billion.

"The public vote is unequivocally in favor of Texas," he said in a post on X. "Tesla will move immediately to hold a shareholder vote," Musk said after conducting a poll among his followers.


Write to Sherry Qin at sherry.qin@wsj.com


(END) Dow Jones Newswires

02-01-24 0329ET