SpaceX, the rocket company, has relocated its corporate headquarters from Delaware to Texas, as announced by CEO Elon Musk.
Musk stated, “SpaceX has moved its state of incorporation from Delaware to Texas. If your company is still incorporated in Delaware, we recommend moving to another state as soon as possible.” This announcement was made on the platform.
This move comes after a Delaware judge ruled in favor of Tesla investors in a lawsuit alleging that Musk’s $56 billion compensation was excessive. Musk, who also serves as Tesla’s CEO, recently announced plans for a shareholder vote to move Tesla’s corporate domicile to Texas as well.
Musk also mentioned, “The people’s vote is unequivocally in favor of Texas! Tesla intends to immediately conduct a shareholder vote to move its incorporated state to Texas.” This statement was made earlier this month after a public opinion poll indicated support for the incorporation change.
In January, a Delaware judge nullified Musk’s compensation package, citing improper actions by the electric car maker’s board of directors.
This decision follows a lawsuit filed five years ago by Tesla shareholder Richard Tornetta, accusing Musk of improperly directing negotiations over his compensation package and the board of directors of lacking independence.
Musk’s compensation deal with Tesla is the largest ever for an executive, contributing significantly to his fortune, which ranks among the largest in the world. Musk testified at his compensation trial in November 2022 that the money would be used to fund interplanetary travel.
Neuralink, Musk’s brain chip implantation company, also moved its location from Delaware to Nevada last week.
Reuters contributed to this report
Source: www.theguardian.com
