Elon Musk acts to move Tesla legal base to Texas after pay package ruling

Tycoon announces shareholder vote on relocating after Delaware judge strikes down $56bn pay package as ‘unfathomable’

• Nils Pratley: three cheers for the Delaware judge

Elon Musk has announced Tesla will hold a vote on moving the company’s legal base to Texas after the state of Delaware threw out his $56bn pay package at the electric vehicle maker.

The world’s richest person, whose No 1 status is endangered by the Delaware ruling, held a poll on X asking whether Tesla should change the company’s state of incorporation from Delaware to Texas.