Musk moves ahead with plan to move Tesla domicile to Texas

(Bloomberg) — Elon Musk wants to deepen his ties to Texas.

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He has already expanded the SpaceX launch site in South Texas, moved Tesla Inc.’s home office from Palo Alto, Calif., to Austin, relocated himself and his charity, and courted officials from across the state, including Governor Greg Abbott. Have made friends with political leaders.

Now Musk wants to call Tesla shareholders to vote on moving the company’s incorporation from Delaware to Texas after a judge in the small state struck down his $55 billion pay package. As he often does with controversial business decisions, Musk turned to his followers on X and asked them to vote on what he should do.

As of Wednesday evening, Texas had won about 87% of the 1.1 million votes cast, and Musk said Tesla would “take immediate steps to hold the shareholder vote.”

Before polls closed, Abbott declared a landslide victory for Texas in a post on X, which Musk also owns.

If Tesla follows through, such a move would be another win for the state that has used its relationship with it to burnish its pro-business credentials. Texas has been luring CEOs and their companies for years, citing its low taxes and light regulatory touch. Being home to Tesla’s legal incorporation would coincide with a recent state initiative: a challenge to Delaware to develop its own business-court system.

Trying to end Delaware’s dominance of the U.S. incorporation business may be a difficult task, but it is in line with Abbott’s efforts to promote economic growth by offering a distinctly Texan brand of capitalism. Texas is known for having business-friendly lawmakers, and it does not tax individuals’ income or capital gains.

More controversially, Texas lawmakers recently banned public universities from maintaining offices of diversity, equity…

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