Musk's vote on whether Tesla should change its registration to Texas has ended, with about 87% voting in favor and more than 1.1 million people voting. Tesla is currently incorporated in Delaware, USA, and its actual headquarters is in Texas.
A Delaware judge has rejected Elon Musk's $55 billion Tesla compensation package after a shareholder in the company challenged it. This verdict will greatly reduce Musk's wealth. Tuesday's decision means the electric car maker's board will have to come up with a new plan after the Tesla co-founder was awarded the most generous executive compensation package in history more than five years ago.
The verdict casts doubt on Musk's wealth prospects. The options, worth about $51.1 billion, are among his most expensive assets. If this part is excluded, his net worth will drop to US$154.3 billion, dropping his ranking to third in the world's richest list. The Bloomberg Billionaires Index shows Musk has been the world's richest man for much of the past few years.
Musk was obviously very dissatisfied with this ruling. He posted on the X platform: "Never register your company in Delaware." Previously, Musk had also expressed dissatisfaction that Delaware did not allow listed companies to establish multiple shareholding structures.