Feb. 15 (UPI) — Elon Musk moved the incorporation of SpaceX to Texas from Delaware as he moved to sever his business relationship with the state.
In a Wednesday post on X, which Musk owns, he displayed a Certificate of Conversion for Space Exploration Technologies, the formal name of SpaceX, signed by Texas Secretary of State Jane Nelson.
“If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible, Musk said in a note on X that accompanied the letter.
The tech titan launched a campaign against Delaware since a judge there last month struck down a $56 billion compensation package Tesla’s board of directors gave him after a shareholder filed a lawsuit.
Chancery Court Chancellor Kathleen McCormick ruled that the compensation was “unfair” and ordered Musk to pay back what he had been given in the deal.
The shareholder lawsuit, originally filed in 2018, argued that Musk misled them with incomplete disclosures in a Tesla proxy statement and dictated terms of the package.
Last week, Musk told his Nueralink Corp. shareholders that he was relocating the company’s incorporation from Delaware to Nevada.
Musk said he also plans to have Tesla shareholders vote on moving Tesla’s incorporation from Delaware to Texas. The electric vehicle leader already has its headquarters in Texas’s capital of Austin but has been incorporated in Delaware since 2003.
