Company Strategy & Legal Landscape - Tesla has officially moved its company registration from Delaware to Texas [1] - This move signifies a new legal battleground for Tesla, where the Delaware judge has no jurisdiction over the 2025 compensation plan [1] Investor Sentiment & Corporate Governance - Major institutions like Schwab (嘉信) and Morgan Stanley (大摩) are now supporting Musk's compensation plan, indicating a shift in alignment of interests in the new Texas legal environment [1] - These institutions are not trying to persuade the old judge, but are re-aligning their interests with Musk in Texas, disregarding the old thinking of voting advisors like ISS [1] Strategic Implications - This move represents Musk securing his first beachhead in the new Texas arena [1]