GOP Governor Greg Abbott Welcomes Elon Musk With Open Arms As Tesla Shareholders Approve Corporation Move To Texas: ‘It Was Meant To Be’ – Tesla (NASDAQ:TSLA)

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.

Read Next: ‘Pop The Champagne Moment’ For Tesla? Analyst Says Shareholders Spoke Out Loud For Elon Musk: Here’s What To Expect At Thursday’s Annual Meeting

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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