Texas Governor Greg Abbott welcomes Tesla after reincorporation vote passes “Guaranteed Win” mark

(Credit: Tesla)

Texas Governor Greg Abbott expressed his support to Elon Musk and Tesla after the CEO noted on X that TSLA investors are on track to ratify his 2018 CEO Performance Award and approve the electric vehicle maker’s proposed redomestication from Delaware to Texas. Gov. Abbott shared his thoughts in a post on his personal X account

As per Musk, the Tesla investors’ votes in favor of Proposals Three and Four in the 2024 Annual Stockholders Meeting have passed the “Guaranteed Win” mark. Thus, while the 2024 Cyber Roundup is still a few hours away, it appears that Tesla shareholders have already made their voices known with regards to the ratification of Elon Musk’s 2018 compensation plan and Tesla’s proposed reincorporation to Texas. 

Gov. Abbott congratulated Musk for getting the pay that he was promised back in 2018. “Congrats Elon on getting the pay you were promised and on your new incorporation in Texas. Welcome to a state that has neither a personal nor a corporate income tax,” the Texas Governor wrote in his post on X. 

Musk seemed to appreciate the official’s warm welcome, as he responded with a short “Thank you” to the Governor’s well-wishes. Amidst the interaction between the Texas Governor and the CEO, Tesla enthusiasts are now calling for the Lone Star state to finally allow the EV maker’s direct sales model. Others have also speculated that X might soon call Texas home as well. 

It should be noted that Musk’s 2018 CEO Performance Award had already been approved by TSLA shareholders back in 2018, but in late January, a Delaware Judge rescinded the compensation plan. In her Opinion, the Delaware Judge noted that Musk’s pay package was “unfair” and that the process for determining the package was “deeply flawed.”

Interestingly enough, the legal complaint against Musk’s pay package was filed by Richard Tornetta, a thrash metal drummer and Tesla shareholder who held nine shares in 2018, and whose legal team is currently requesting over 29 million TSLA shares — worth over $5 billion today — to be granted as their fee for the case. Such a fee would translate to a rate of over $200,000 an hour.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Simon Alvarez: Simon is a reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday.
Related Post
Disqus Comments Loading...