Tesla CEO Elon Musk waves as he leaves the Tesla Gigafactory for electric cars after a visit in Gruenheide near Berlin, Germany, March 13, 2024. AUSTIN, Texas — Tesla will ask shareholders to reinstate a compensation package for CEO Elon Musk potentially worth $55 billion that was rejected by a judge in Delaware this year and to move the electric car maker’s corporate home from Delaware to Texas.
Five years ago, a Tesla shareholder lawsuit alleged that the pay package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him. Almost immediately after the judge’s ruling, Musk did exactly that with Neuralink, his brain implant company, moving its corporate home from Delaware to Nevada.