Elon Musk doubles down on his promise to ditch Delaware. SpaceX is headed for Texas incorporation
CNN
SpaceX wants to move its business incorporation location from Delaware to Texas, according to a Wednesday filing to the Texas Secretary of State.
SpaceX wants to move its business incorporation location from Delaware to Texas, according to a Wednesday filing to the Texas Secretary of State. The move by the Elon Musk-owned company comes after a Delaware state judge struck down Musk’s 2018 Tesla pay package, siding with a shareholder who had challenged it as excessive. Delaware is traditionally where many of the United States’ biggest businesses are incorporated for legal and tax purposes. It is seen as a desirable place to seek approval for mergers and litigate disputes, and doesn’t levy sales tax or tax on profits from intellectual property. The Delware court’s ruling could potentially wipe out more than $51 billion of Musk’s assets, barring any outcomes from an appeal. In the aftermath, Musk said he would move his business incorporations out of the state. “SpaceX has moved its state of incorporation from Delaware to Texas!” Musk posted on X Wednesday. “If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.” SpaceX joins Musk’s brain implant company Neuralink in ditching Delaware. Neuralink changed its incorporation to Nevada, Bloomberg first reported.
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