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Stock Markets10 minutes ago (Oct 07, 2021 07:16PM ET)

(C) Reuters. FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo


By Hyunjoo Jin

SAN FRANCISCO (Reuters) -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 (NASDAQ:TSLA)’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.

Tesla moving headquarters to Texas from California

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Tesla moving headquarters to Texas from California