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Elon Musk may be done with Delaware, but don't expect other corporations to follow his crusade
Business Insider
·
1y ago
Medial
Elon Musk recently announced that his company SpaceX is relocating from Delaware to Texas, advising other companies incorporated in Delaware to also consider moving. Musk's decision came after a Delaware judge nullified his $55 billion Tesla compensation package. However, despite Musk's warnings, experts suggest that most corporations are unlikely to leave Delaware, which is renowned for its business-friendly environment. With over 68% of Fortune 500 companies incorporated in the state and a history of favorable case law, Delaware remains an attractive location for businesses.
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Elon Musk's Neuralink moves legal home to Nevada
Economic Times
·
1y ago
Medial
Elon Musk's brain implant company, Neuralink, has relocated its legal headquarters from Delaware to Nevada. This move comes after a Delaware judge invalidated Musk's $55.8 billion pay package as CEO of Tesla. Musk had previously suggested moving Tesla's corporate registration to Texas. Legal experts note that many corporations choose Delaware for its favorable laws. In January, the judge ruled that Tesla's board lacked independence from Musk and the pay package was flawed. Musk's advocates argue that his unique role and contributions to Tesla justify his compensation.
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Musk shifts Neuralink incorporation from Delaware to Nevada as he rails against $55 billion pay ruling
Business Insider
·
1y ago
Medial
Elon Musk has shifted the incorporation location of his brain-chip implant company Neuralink from Delaware to Nevada. The move comes after legal setbacks for Musk in Delaware, including a judge striking down his $55 billion pay package. Musk recommended incorporating in Nevada or Texas for shareholders to have more decision-making power. This is not the first time Musk has relocated his companies, previously moving X and expressing his intent to reincorporate Tesla. Delaware is known as the US's incorporation capital, but Musk has criticized it and advocated for Texas as a better option.
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Elon Musk may leave Tesla if $56 bn pay not approved, Denholm warns shareholders
Livemint
·
1y ago
Medial
Tesla's Chairperson, Robyn Denholm, has stated that CEO Elon Musk may leave the company if shareholders vote against his $56 billion pay package during the upcoming shareholders meeting. Denholm emphasized that motivating someone like Musk requires a different approach, and if shareholders reject the pay package, Musk may take his talents elsewhere. The approval process for Musk's compensation package was recently voided by a Delaware judge for being "deeply flawed". Denholm argued that the package is not about the money but about retaining Musk's focus and commitment to Tesla.
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Explainer: Did Delaware 'lock the doors' to stop companies from leaving, as Musk claims?
Reuters
·
1y ago
Medial
Tesla CEO Elon Musk claims that Delaware is trying to prevent businesses from leaving the state after a court invalidated his $56 billion pay package. Musk has expressed his intention to reincorporate Tesla in Texas and has urged other companies to do the same. While Delaware has made it easier for companies to leave by requiring only a majority shareholder approval, the court is scrutinizing moves that may benefit a controlling shareholder. Musk's claim comes amid a shareholder lawsuit against TripAdvisor's planned reincorporation in Nevada. A ruling in the TripAdvisor case may have implications for Tesla.
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Elon Musk Is Moving SpaceX to Texas After Spat With Delaware Judge
Gizmodo
·
1y ago
Medial
SpaceX is moving its incorporation location from Delaware to Texas, following a ruling against Elon Musk's pay package from a Delaware judge. Musk had already filed to move his other company, Neuralink, to Nevada. Moving Tesla out of Delaware may be more challenging as it is a public company. SpaceX already has a presence in Texas with its spaceport in Boca Chica and a planned office and factory in Brownsville. Musk's recommendation to other companies is to move from Delaware to another state.
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Elon Musk loses world’s richest person title to Jeff Bezos
Economic Times
·
1y ago
Medial
Elon Musk has lost his position as the world's richest person to Jeff Bezos after Tesla shares tumbled on Monday. Musk's net worth is now $197.7 billion, while Bezos holds a fortune of $200.3 billion. This change marks the first time Bezos has topped Bloomberg's ranking since 2021. The gap between Musk and Bezos has been narrowing as Amazon shares soar while Tesla shares decline. Musk's wealth may further decline after a Delaware judge invalidated his $55 billion pay package at Tesla. Bezos first became the world's richest person in 2017 but had been competing with Musk for the top spot last year.
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Musk says SpaceX has moved its incorporation to Texas from Delaware
Reuters
·
1y ago
Medial
Rocket company SpaceX, led by CEO Elon Musk, has shifted its state of incorporation from Delaware to Texas. Musk announced the move on his platform X, formerly known as Twitter, advising companies still incorporated in Delaware to relocate. This development follows Musk's recent proposal to hold a shareholder vote to move Tesla's state of incorporation to Texas. Additionally, his brain-chip implant company, Neuralink, also relocated its incorporation from Delaware to Nevada.
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Tesla lost sales on the left, gained on the right and has turned around: Elon Musk
Economic Times
·
1m ago
Medial
Elon Musk stated Tesla has rebounded from recent setbacks and maintained strong demand for its electric vehicles. Despite Europe's weaker market, Tesla's global sales are robust, and its market capitalization has exceeded $1 trillion again. Musk acknowledged losing some sales due to his political actions but noted gains elsewhere. He affirmed his commitment as Tesla's CEO, emphasizing his focus on corporate control over financial compensation, criticizing a Delaware judge's ruling on his compensation package.
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SpaceX files to relocate to Texas after Elon Musk's spat with Delaware over pay package
Business Insider
·
1y ago
Medial
SpaceX has filed to relocate its business incorporation from Delaware to Texas following CEO Elon Musk's public criticism of the Diamond State. This move comes after a judge in Delaware recently voided Musk's $55 billion Tesla pay package. Musk has expressed his discontent with Delaware and has already shifted the incorporation of his other companies, Neuralink and SpaceX, out of the state. Although Texas is not yet considered a major business hub like Delaware, Musk has already established many operations in the state, including plans to move Tesla's headquarters to Austin.
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Elon Musk suggests Tesla could leave Delaware after a judge blocked his $55 billion pay deal
Business Insider
·
1y ago
Medial
Elon Musk has expressed his dissatisfaction with the state of Delaware after a judge ruled against his $55 billion compensation package for Tesla. Musk took to Twitter suggesting that companies should never incorporate in Delaware and recommended incorporating in Nevada or Texas instead. He even posted a poll asking users whether Tesla should change its state of incorporation to Texas, where its headquarters are located. This ruling threatens Musk's position as the world's richest person.
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