Wednesday, April 17, 2024
author_name|Mariella Moonlanguage|en-USprovider_name|Engadgetregion|USRenewable Energy & Energy Savingsite|engadgetTech News

SpaceX moves its legal home to Texas from Delaware

Elon Musk has started moving his businesses away from Delaware, following a judge’s decision in the state to invalidate his $56 billion Tesla pay package. In a post on X, Musk has announced that SpaceX has moved its corporate home from Delaware to Texas, along with a copy of the certificate of conversion it received from the Texas Secretary of State. “If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” the executive added.

As Bloomberg notes, he also moved Neuralink’s business from Delaware to Nevada on February 8, shortly after he revealed that the company implanted its brain chip into a human patient for the first time. With that change in location, Neuralink joined another company Musk controls in the state: X, which he also moved from Delaware, when he changed its name from Twitter in 2023.

Back when the court’s decision to toss out his Tesla compensation package came out, Musk posted a series of tweets airing his grievances against the state. In one post, he polled people on whether Tesla should change its legal corporate home to Texas. “Never incorporate your company in the state of Delaware,” he wrote in another post. “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters,” Musk added.

Unlike SpaceX and Neuralink, though, it will likely take a while for Tesla to move its incorporation. Musk still has to take a vote from shareholders on whether the company should move its legal home. It’s worth noting that both Tesla and SpaceX already have a massive presence in The Lone Star State. Tesla moved its physical headquarters to Texas from California due to the latter’s COVID-19 safety measures. It also has a Gigafactory in the state, which produces the company’s vehicles, including the Cybertruck. Meanwhile, SpaceX’s Starbase, a production and launch facility for its Starship vehicles, is located in Boca Chica, Texas.



Leave a Reply

Your email address will not be published. Required fields are marked *