Elon Musk’s SpaceX Intends To Become A Texas Corporation
Elon Musk’s SpaceX Intends To Become A Texas Corporation
February 15, 2024 / By Zunair Tahir / Tech News
SpaceX has submitted a request to switch the company’s registration state from Delaware to Texas. It follows the annulment of Musk’s enormous Tesla compensation package, which shareholders claimed was exorbitant, by a Delaware court decision.
SpaceX, Elon Musk’s private space enterprise, has applied to move its incorporation from Delaware to the US state of Texas.
“SpaceX has shifted from Delaware to Texas as its state of incorporation! Musk replied, “I suggest relocating your firm as quickly as feasible to another state if it is still established in Delaware.
It’s Musk’s most recent action after a Delaware court decision in January that halted Musk’s historic Tesla compensation package.
The compensation, which included options valued at over $56 billion (€52 billion), was deemed excessive by shareholders.
Musk asked if Tesla should relocate its registration to Texas, where it now has its headquarters, in a poll that was posted on X earlier this month.
“The people have clearly voted in favor of Texas! After the vote, Musk stated, “Tesla will move quickly to hold a shareholder vote to transfer state of incorporation to Texas.”
Due to the state’s advantageous tax and legal environment, Delaware has historically been home to some of the largest companies in the nation. Musk has expressed his great desire for these companies to relocate.
Another one of Musk’s businesses, Neuralink, likewise moved its incorporation state from Delaware to Nevada last week.
However, Musk seemed to be leaving Delaware even before the decision. Following his 2022 acquisition of Twitter (now X), Musk moved the company’s incorporation from Delaware to Nevada. Twitter was another US corporation established in Delaware, even though the majority of its facilities are in California.
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