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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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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 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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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 seeks Tesla shareholder vote on moving incorporation to Texas
Economic Times
·
1y ago
Medial
Tesla CEO Elon Musk has announced plans to hold a shareholder vote for transferring the company's state of incorporation from Delaware to Texas. This comes after a judge invalidated Musk's $56 billion pay package and criticized the directors who negotiated it. Musk, who has already moved Tesla's headquarters to Texas, expressed his preference for incorporating in Texas and conducted a poll, with over 87% of votes in favor of the shift. This move aligns with Musk's larger interest in Texas, where several of his other companies also have operations.
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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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Newsmakers of 2024: Navigating the Elon Musk maze
Economic Times
·
7m ago
Medial
In 2024, Elon Musk dominated headlines with a mix of triumphs and controversies. He endorsed Donald Trump, heading a new government department and investing in a pro-Trump super PAC. Musk's platform, X, aimed to become a news hub while facing content moderation criticisms. His relationship with OpenAI soured over ethics. Meanwhile, Neuralink achieved breakthroughs, and Tesla's stock soared despite a revenue dip. Lastly, SpaceX moved its incorporation to Texas.
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Shifting Tesla incorporation to Texas may not give Musk what he wants
Reuters
·
1y ago
Medial
Elon Musk's plan to relocate Tesla's incorporation to Texas may not bring him the desired freedom due to the lack of history and different rules in Texas business courts. Delaware, the current state of incorporation, is preferred by companies for its long-standing corporate legal system. Texas, on the other hand, has recently created business courts, which will officially open in September. Legal experts suggest that Texas needs time to establish a reliable reputation for handling business disputes before companies consider moving their incorporation. Additionally, Texas law is vaguer compared to Delaware law, which prioritizes shareholder value.
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Elon Musk gets some guidance from a Delaware judge on how to ditch the state
Economic Times
·
1y ago
Medial
In a recent case involving Tripadvisor, Vice Chancellor Travis Laster ruled that the online travel site can proceed with its plan to move its state of incorporation from Delaware to Nevada. This decision could have implications for Tesla and CEO Elon Musk, who has expressed interest in relocating the company to Texas. The ruling provides insight into how companies with controlling shareholders can move out of Delaware without facing claims from other shareholders. However, legal experts suggest that Musk's advocacy for the move may complicate Tesla's chances of obtaining deference from a Delaware court.
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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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A Tesla lawyer burst into tears during a deposition on Elon Musk's compensation package because he admired Musk so much, judge says
Business Insider
·
1y ago
Medial
Former Tesla general counsel, Todd Maron, reportedly burst into tears during a deposition discussing Elon Musk's $55 billion compensation package. Delaware judge Kathleen McCormick criticized the flawed process that led to the package's approval and highlighted Maron's admiration for Musk. Maron, who served as Musk's former divorce attorney, was heavily involved in the decision-making process. McCormick recently voided Musk's compensation package, prompting him to consider shifting Tesla's state of incorporation to Texas.
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