SpaceX CEO Elon Musk on Wednesday moved his spacecraft and satellite communications company to Texas after receiving an adverse ruling in state court. The billionaire is moving many of his companies out of Delaware.
“SpaceX has moved its state of incorporation from Delaware to Texas!” Musk tweeted on Platform X, formerly known as Twitter (which changed its name after acquiring the social media company in 2022). I wrote this in a post.
“If your company is still incorporated in Delaware, we recommend that you move to another state as soon as possible,” he said, along with an image of SpaceX’s filing with the Texas Secretary of State. I added it in the posted post.
Musk also moved his neurotechnology company Neuralink’s state of incorporation from Delaware to Nevada last week. According to Reuters.
The billionaire similarly wants to move Tesla from Delaware to Texas, and earlier this month said the electric car company would hold a shareholder vote on relocating its location.
Tesla is at the center of Musk’s current grievances with Delaware after a state judge ruled late last month that he must forgo a 2018 bonus package worth up to $55.8 billion.
Delaware Chancery Court Judge Katherine McCormick found that a bonus package that gave Musk 1% of the company’s stock for each of 12 stock price and earnings milestones was not fairly negotiated.
Several Tesla shareholders have sued Mr. Musk and the electric car company, alleging that he effectively controls the board of directors that ultimately awarded the bonus package. Mr McCormick agreed, saying the process was “seriously flawed” and ruled that the bonuses should be cancelled.
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