Tesla moving headquarters to Texas from California

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SAN FRANCISCO, Oct 7 (Businesshala) – Tesla Inc (TSLA.O) Chief Executive Elon Musk said on Thursday that the electric carmaker plans to move its headquarters from Palo Alto, California to Austin, Texas.

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

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Shareholders followed the board’s guidance on a number of key questions, including the re-election of Kimbal Musk and James Murdoch as board directors.

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

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

The proposal, opposed by the board, hit headlines on Monday after a black former contract worker won a $137 million jury prize against Tesla over workplace racism.

Reporting by Hyunju Jin, Subrata Patnaik and Bhanvi Satija; Editing by Leslie Adler

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