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Musk says Tesla will hold shareholder vote ‘immediately’ to move company’s incorporation to Texas (www.forbes.com.au)

submitted 10 months ago by L4s to c/technology

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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.

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[–] fidodo 105 points 10 months ago* (last edited 10 months ago) (3 children)

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

[–] [email protected] 76 points 10 months ago (1 children)

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.

[–] topinambour_rex 20 points 10 months ago (1 children)

Delaware is considered as a tax haven.

[–] [email protected] 2 points 10 months ago* (last edited 10 months ago) (1 children)

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.

[–] topinambour_rex 1 points 10 months ago (1 children)

Still a tax heaven.

[–] [email protected] 1 points 10 months ago

Can you explain what makes it a tax haven?

[–] Sgt_choke_n_stroke 19 points 10 months ago* (last edited 10 months ago) (3 children)

Good luck finding talent to move to texas

[–] vermyndax 22 points 10 months ago

Good luck finding talent who wants to work for Elon Musk

[–] phoneymouse 6 points 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 -4 points 10 months ago (2 children)

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

[–] [email protected] 20 points 10 months ago

Texas Instruments is incorporated in Delaware.

[–] [email protected] 12 points 10 months ago

Would you leave either of those to sleep on the floor of a car factory?

[–] [email protected] 6 points 10 months ago (1 children)

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

[–] Nastybutler -2 points 10 months ago

They have their headquarters in Texas though