Cheeky Musk’s cakewalk to Tex.
Tesla boss Elon Musk let Delaware know it can eat cake as the company reportedly put in paperwork to shift its incorporation from the First State to the Lone Star State.
Nearly 90% of shareholders on Thursday voted in favor of the move, leading Musk to quip on his social-media site X that he was sending a cake to Delaware “as a parting gift.”
The post included an image of a vanilla-frosted sheet cake with the words “Vox Populi, Vox Dei” — Latin for “the voice of the people is the voice of God” — written in red letters, along with a big heart.
Musk initiated the move from Delaware to Texas in January after Delaware judge Kathaleen McCormick struck down his $56 billion pay package that was approved in 2018, calling the massive compensation “an unfathomable sum.”
‘$56B pay’ win
In a separate vote Thursday, nearly three-quarters of shareholders — excluding Musk and his brother, Kimbal Musk — gave the green light to the largestever corporate pay package, overcoming opposition from a number of institutional investors and proxy advisory firms.
The decisive vote confirms the company’s commitment to the 2018 deal, Tesla board Chair Robyn Denholm said in a letter to shareholders on Friday.
“We intend to put it back in front of the court in Delaware to ensure that your voices as owners of our company are heard,” she wrote.
The approval, however, did not resolve the lawsuit. Legal experts were split as to whether it would hold sway in the case, which could stretch out for months.
“Now that shareholders have voted for it a second time with all of the facts out in the open, the entire crux of the judge’s argument becomes invalid,” said Natela Shenon, a partner at Grant Shenon in Los Angeles.