Tesla wants its shareholders to vote again on a multi-billion-dollar share package for company boss Elon Musk that was rejected by a court in January, according to documents published on Wednesday.
The electric car manufacturer also wants shareholders to vote at the company's annual general meeting on June 13 on moving the company's state of incorporation from Delaware to Texas, according a letter to shareholders released in a regulatory filing.
The share package for Musk approved by shareholders in 2018, which was valued at $56 billion at the time, was overturned by a judge in Delaware following a lawsuit by a group of shareholders.
Judge Kathleen McCormick found that Musk had too much influence behind the scenes when the plan for share awards was agreed for it to be regarded as a fair process.
Musk then moved his space company SpaceX from Delaware to Texas and said he would put a relocation of Tesla to the Lone Star State to a vote as well. In 2021, he moved the company headquarters from California to the large plant in Austin Texas.
Tesla conceded in the document that it was not certain whether a new shareholder vote to approve the pay package would stand after the judge's decision.
According to the 2018 plan, Musk would receive stock options in 12 stages with a maximum value of up to $55.8 billion if Tesla's stock market value and business figures grew at certain minimum values.
McCormick ruled that Tesla's shareholders had not been correctly informed about how the huge package was negotiated. Musk had close connections with some of the people involved in the negotiations on Tesla's side.
Additionally, although Tesla's stock market value had significantly exceeded the mark of around $650 billion set at the time for Musk's maximum remuneration since 2018, it is now significantly lower again following the recent rapid decline in the share price.
Tesla had also said that it would appeal the judge's decision.