Texas Governor Greg Abbott (R) has extended a warm welcome to Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk after the company's shareholders approved its corporate move to Texas.
What Happened: On Friday, took to X, formerly Twitter, and expressed his delight over Tesla's decision to relocate to Texas. He stated, "Tesla Shareholders approve corporation move to Texas. It was meant to be. Welcome to the Lone Star State."
Responding to Abbott's message, Musk also expressed his gratitude, and said, "Thank you, Governor Abbott!"
Thank you, Governor Abbott!
— Elon Musk (@elonmusk) June 14, 2024
Why It Matters: The decision to move Tesla's incorporation to Texas was initiated by Musk in January and was formally completed late Thursday following a shareholder vote. This move aligns Tesla's legal domicile with its physical headquarters in Austin, Texas.
The relocation was triggered after a Delaware judge dismissed Musk's approximately $56 billion compensation package, the largest ever awarded to a U.S. corporate executive. Despite the judge's ruling, shareholders reapproved the pay plan on Thursday.
Following the shareholder vote, Musk kicked off the annual shareholders meeting with a thank you message to shareholders, who voted in favor of his new pay compensation package after a prior 2018 plan was voided earlier this year. "Hot damn, I love you guys," Musk said.
The tech billionaire also made headlines for his decision to send a farewell cake to Delaware with the popular Latin phrase 'Vox Populi, Vox Dei' in icing, following the shareholders' approval of Tesla's legal headquarters move to Texas from Delaware.
Price Action: Tesla shares ended Friday's session down 2.44% at $178.01. In the after-hours session, the EV giant's shares dropped a little more, and at the time of writing, they were at $177.69. according to Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.