Tesla Moving Headquarters To Texas From California

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SAN FRANCISCO:Tesla Inc Chief Executive Elon Musk said on Thursday the electric carmaker plans to move its headquarters from Palo Alto, California, to Austin, Texas.

Musk spoke at Tesla’s annual shareholders’ meeting at its car and battery factory complex in Austin, which is under construction.

Shareholders followed board guidance on several key questions, including re-electing Kimbal Musk and James Murdoch as board directors.

Proxy advisory firm Institutional Shareholder Services (ISS) had recommended that Tesla investors not re-elect the two directors because of concerns about excessive compensation packages to non-executive board members.

Shareholders also voted against a stockholder proposal asking for a study into the impact of Tesla’s use of mandatory arbitration on workplace harassment and discrimination.

The proposal, opposed by the board, was thrown into the spotlight after a Black former contract worker on Monday won a $137 million jury award against Tesla over workplace racism.

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