Musk moves SpaceX incorporation to Texas amid frustration with Delaware court
FILE - The SpaceX logo is displayed on a building, May 26, 2020, at the Kennedy Space Center in Cape Canaveral, Fla. (AP Photo/David J. Phillip, File)
SpaceX CEO Elon Musk moved the spacecraft and satellite communications company’s state of incorporation to Texas on Wednesday, as the billionaire attempts to move his many companies out of Delaware following an unfavorable ruling in state court.
“SpaceX has moved its state of incorporation from Delaware to Texas!” Musk wrote in a post on X, the platform formerly known as Twitter, which he renamed after acquiring the social media company in 2022.
“If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” he added in the post, which featured an image of SpaceX’s filing with the Texas secretary of state.
Musk also moved the state of incorporation for his neurotechnology company Neuralink from Delaware to Nevada last week, according to Reuters.
The billionaire similarly hopes to move Tesla from Delaware to Texas and said earlier this month that the electric car company will hold a shareholder vote on moving its site of incorporation.
Tesla is at the center of Musk’s current frustration with Delaware after a state judge ruled late last month that Musk had to give up a 2018 bonus package that could be worth up to $55.8 billion.
Delaware Chancery Judge Kathaleen McCormick found that the bonus package, which granted Musk a 1 percent stake in the company for each of 12 stock price and revenue milestones, was not negotiated fairly.
Several Tesla shareholders sued Musk and the electric car company, alleging that he effectively controlled the board that ultimately granted him the bonus package. McCormick agreed, describing the process as “deeply flawed” and ruling that the bonus should be rescinded.