ICYMI: Tesla joins Oracle, HP and Toyota Motor in moving U.S. headquarters to Texas from California, which has relatively high taxes and living costs
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.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.
The Fremont, California factory nonetheless is "jammed" and it is tough for people to afford houses in California, he said. 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.
Advisory firm Institutional Shareholder Services had recommended that Tesla investors not re-elect the two directors because of concerns about excessive compensation packages to non-executive board members.
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