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Elon Musk moves SpaceX from Delaware to Texas

Elon Musk at Viva Technology (Vivatech) 2023

Elon Musk has announced the relocation of SpaceX's legal domicile from Delaware to Texas after a judge put the brakes on his $55.8 billion pay.

The billionaire has recently said Tesla shareholders will vote on following similar action.

Neuralink, his neurotechnology company, has also changed its legal home to Nevada.

Last month, a Delaware judge nullified Musk's $55.8 billion Tesla pay package.

Musk has seemingly taken this ruling as a cue to recommend other companies get out of Delaware. 

In an X post, he urged urging companies to consider relocating from Delaware.

Delaware is famous for its favorable corporate tax policies which has attracted large corporations like Amazon.

On January 30, Judge Kathaleen McCormick ruled Tesla directors, charmed by Musk's celebrity status in 2018, inadequately briefed shareholders on his pay package.

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She deemed the deal "unfathomable" and ordered its cancellation.

The pay deal, a US corporate record, elevated Musk to the world's richest person.

Tesla shareholder Richard Tornetta launched the lawsuit over overcompensation.

It led Musk to propose the idea of Tesla's incorporation shift to Texas to his followers on X. 

The proposal received overwhelming support, with over 87 percent of more than 1.1 million voters backing the move to Texas.

Tesla had already transferred its corporate headquarters from California to Texas in 2021.

Musk currently has an estimated net worth of nearly $200 billion.

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