Your Evening Briefing: Elon Musk Officially Shifts Tesla’s Incorporation to Texas After Vote

Tesla has officially shifted its incorporation to Texas from Delaware, according to paperwork filed with the Texas secretary of state’s office. The move unites the company’s legal home with its physical headquarters, which have been in Austin for years. The paperwork was submitted late Thursday, following a vote by Tesla investors in favor of the departure from Delaware. Elon Musk, Tesla’s chief executive officer, initiated the move in January after a Delaware judge voided his roughly $56 billion compensation package, the largest ever given to a US corporate executive. Shareholders on Thursday also reapproved the pay plan, although the vote does not guarantee he will get his stock options, given the judge’s decision. Afterward, Musk offered outlandish predictions that he can enrich shareholders all over again with the company’s robot-making effort.

Federal Reserve Bank of Cleveland President Loretta Mester called the latest data showing softer inflation “welcome news,” and said she would like to see a few more months of good data before considering lower interest rates. “I would want to see a few more months of good inflation data: inflation coming down, the short-run inflation expectations starting to move down,” Mester said Friday in a CNBC interview. Fed officials at their latest policy meeting this week dialed back expectations for how much they plan to ease this year, penciling in only one rate reduction, according to their median projection.