Michelle ThompsonThe decision to relocate the rocket company comes after Musk announced that he would hold a shareholder vote to relocate Tesla to Texas as well.
Elon Musk, CEO of SpaceX, has stated that the company’s incorporation has been transferred from Delaware to Texas.
“SpaceX has changed its state of incorporation from Delaware to Texas!” “If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” Musk remarked on the site.
The move comes after a Delaware judge decided last month in favor of Tesla investors who sued Musk over his $56 billion pay deal, claiming it was excessive. Musk, Tesla’s CEO, announced earlier this month that he will organize a shareholder vote to shift the company’s incorporation to Texas as well.
“The public vote is clearly in favor of Texas! Tesla will act immediately to hold a shareholder vote to convert its state of incorporation to Texas,” Musk announced on X earlier this month, following a survey in which 87% of respondents said “yes” to Tesla’s change of incorporation.
In January, a Delaware judge ruled that Musk’s compensation was improperly established by the electric-vehicle maker’s board and rejected the package.
The verdict came after a complaint filed by Tesla shareholder Richard Tornetta five years ago, accusing Musk of unfairly influencing negotiations over the remuneration package and claiming that the board operated without independence.
Tesla’s arrangement with Musk is by far the greatest remuneration package ever made for an executive, and it contributes significantly to his fortune, which is one of the world’s richest. Musk stated during the compensation trial in November 2022 that the funds would be used to support interplanetary travel.
Musk’s brain-chip implant business, Neuralink, similarly changed its incorporation state from Delaware to Nevada last week.
