Elon Musk, CEO of Tesla, wants to move the incorporation of the company to Texas from Delaware.
Although the EV maker’s physical headquarters is in Austin, Texas, the Musk-led company—like many others in the Fortune500—chose Delaware to incorporate in courtesy of its attractive legislation.
But after a judge ruled Musk’s 2018 pay package—worth $56 billion—as null and void, the entrepreneur launched a barrage of criticism against the state.
“Never incorporate your company in the state of Delaware,” he wrote on X—the social media platform he owns—on Tuesday. He added: “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”
It seems the Tesla CEO now wants to take a piece of his own advice.
In now typical Musk fashion, the entrepreneur asked X users to vote on whether Tesla should stay in Delaware or change its state of incorporation to Texas.
More than 87% of respondents backed Musk on a move to Texas, leading Musk to post in the early hours of Thursday morning: “The public vote is unequivocally in favor of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas.”