Palo Alto’s Tesla Inc to move headquarters from California to Texas

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Palo Alto’s Tesla Inc to move headquarters from California to Texas

In latest vindication of a steep cultural rift between California and Berlin over Tesla Inc’s Gigafactory, Chief Executive of the Palo Alto, California-headquartered e-vehicle industry trailblazer, Elon Musk, said in a statement on Thursday that the e-vehicle manufacturer had been planning to shift its California headquarters to Austin, Texas.

Speaking at a Tesla annual shareholders’ meet at the e-vehicle industry giant’s car and battery factory in Austin which is still under construction, Musk had unmasked his plans to move headquarters of the world’s No 1 automaker by market capitalization into Texas.

However, it would remain a subject of substantial significance on whether the US state of California should have allowed further flexibility for Tesla Inc given its global-scale growth momentum alongside a string of record deliveries in a row despite a suffocated supply chain landscape around the globe.

Tesla to move headquarters from California to Texas

On top of that, at Thursday’s shareholders’ meet that took place in Austin Tesla Inc factory as beforementioned, Tesla Inc shareholders looked to board guidance on multiple issues involving a re-election of Kimbal Musk alongside James Murdoch as board members.

Nevertheless, ISS (Institutional Shareholder Service), a proxy advisory firm, had suggested against re-electing aforesaid directors over a growing wariness on excessive compensation upsum allotted to non-executive board members.

Aside from that, Tesla shareholders also had disallowed a stockholders’ proposal of conducting an internal probe into the aftermaths of Tesla Inc’s use of mandatory arbitration regarding workspace discrimination alongside harassment.

Nonetheless, the proposal came forth just days after a man of colour had won a whopping $137 million in jury award over Tesla Inc’s failure to prevent workspace racism.