• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Tesla moving headquarters to Texas from California

October 9, 2021 by David Barret Leave a Comment

October 9, 2021

(In story from Thursday, clarifies in second paragraph that company is Hewlett Packard Enterprise)

By Hyunjoo Jin and Subrat Patnaik

SAN FRANCISCO (Reuters) -Tesla Inc Chief Executive Elon Musk said on Thursday the electric carmaker plans to move its headquarters from Silicon Valley’s Palo Alto, California to Austin, Texas, where it is building a massive car and battery manufacturing complex.

Tesla joins Oracle, Hewlett Packard Enterprise and Toyota Motor in moving U.S. headquarters to Texas from California, which has relatively high taxes and living costs. While Silicon Valley also is a hive of development of new ideas and companies, Texas is known for cheaper labor and less stringent regulation.

“I’m excited to announce that we’re moving our headquarters to Austin, Texas,” Musk told the company’s annual meeting, held in the Texas car factory.

“This is not a matter of, sort of, Tesla leaving California,” he said, saying it plans to increase output from its main California factory and Nevada factory by 50%.

The Fremont, California factory nonetheless is “jammed” and it is tough for people to afford houses in California, he said.

Billionaire Musk himself moved to the Lone Star State from California in December to focus on the electric-car maker’s new plant in the state and his SpaceX rocket company, which has a launch site in the southern tip of Texas.

Musk had a rocky relationship at times with California, threatening to move Tesla headquarters and future programs to Texas during a row over the closure of Tesla’s factory in Fremont, California due to COVID-19, for instance.

At the meeting he showed off a design of what looked like a cowboy-style belt buckle emblazoned with “Don’t Mess With T” — the T in the style of the Tesla logo. The phrase is based on a venerable and popular Texas anti-littering campaign – Don’t Mess with Texas.

DIRECTOR TERM CUT

Despite some criticism from activist shareholders and a proxy advisory service, shareholders followed board guidance on several key proposals, including reelection of Kimball Musk, Elon’s brother, and James Murdoch as board directors.

But they voted in favour of a stockholder proposal to reduce director terms from three years to one year and a proposal regarding additional reporting on diversity and inclusion efforts.

“It’s unfortunate that the shareholders did not agree to remove Murdoch and Musk’s brother. But I think they know the pressure is on them,” Stephen Diamond, a professor at Santa Clara University School of Law, said.

“They’ve got a lot more work to do on governance. Just changing the term is just an artifact of a larger governance issue,” William Klepper, a professor at Columbia Business School, said.

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 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.

(Reporting by Hyunjoo Jin, Subrat Patnaik and Bhanvi Satija; Editing by Peter Henderson and Stephen Coates)

Source Link Tesla moving headquarters to Texas from California

David Barret
David Barret

Related posts:

  1. Athletics-Tamberi hopes to finish season on a high in Zurich
  2. Alleged victim of Madrid homophobic attack says injuries were consensual – Interior Ministry
  3. JPMorgan Chase acquires college financial planning platform Frank
  4. Wall Street tumbles as rising Treasury yields sink Big Tech

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • If Birds Are Dinosaurs, Why Are None As Big As T. Rexes?
  • Psychologists Demonstrate Illusion That Could Be Screwing Up Our Perception Of Time
  • Why Are So Many Enormous Roman Shoes Being Discovered At Hadrian’s Wall?
  • Scientists Think They’ve Pinpointed Structural Differences In Psychopaths’ Brains
  • We’ve Found Our Third-Ever Interstellar Visitor, Orcas Filmed Kissing (With Tongues) In The Wild, And Much More This Week
  • The “Eyes Of Clavius” Will Be Visible On The Moon Today, Thanks To Clair-Obscur Effect
  • Shockingly High Microplastic Levels Found On Remote Mediterranean Coral Reef Island
  • Interstellar Object, Cheesy Nightmares, And Smooching Orcas
  • World’s Largest Martian Meteorite Up For Auction Could Reach Whopping $2-4 Million
  • Kimalu The Beluga Whale Undergoes Pioneering Surgery And Becomes First Beluga To Survive General Aesthetic
  • The 1986 Soviet Space Mission That’s Never Been Repeated: Mir To Salyut And Back Again
  • Grisly Incident In Yellowstone National Park Shows Just How Dangerous This Vibrant Wilderness Can Be
  • Out Of All Greenhouse Gas Emitters On Earth, One US Organization Takes The Biscuit
  • Overly Ambitious Adder Attempts To Eat Hare 10 Times Its Mass In Gnarly Video
  • How Fast Does A Spacecraft Need To Go To Escape The Solar System?
  • President Trump’s Cuts To USAID Could Result In A “Staggering” 14 Million Avoidable Deaths By 2030
  • Dzo: Hybrids Beasts That Are Perfectly Crafted For Life On Earth’s Highest Mountains
  • “Rarest Event Ever” Had A Half-Life 1 Trillion Times Longer Than The Age Of The Universe – How Did We See It?
  • Meet The Bille, A Self-Righting Tetrahedron That Nobody Was Sure Could Exist
  • Neurogenesis Confirmed: Adult Brains Really Do Make New Hippocampal Neurons
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version