Tesla Investor’s Suit Targets Vote on Texas Move, Musk Pay
- Suit alleges Tesla is misleading shareholders ahead of vote
- Fighting over billionaire’s record-setting pay plan continues
Musk has been threatening to shift Tesla’s corporate home from Delaware to Texas.
Photographer: Thomas Ryan Allison/BloombergThis article is for subscribers only.
A Tesla Inc. shareholder sued to challenge an upcoming proxy vote about whether the electric-car maker should move its corporate home to Texas and re-approve a $56 billion pay package for co-founder Elon Musk that was thrown out by a Delaware judge.
Donald Ball, who owns more than 28,000 Tesla shares, argues the company is violating its corporate charter by saying it needs only a bare majority of shareholders’ votes in the June 13 proxy fight to move its state of incorporation away from Delaware.