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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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Elon Musk says SpaceX has moved its incorporation to Texas from Delaware
Economic Times
·
1y ago
Medial
SpaceX, the rocket company founded by Elon Musk, has officially moved its state of incorporation from Delaware to Texas. This follows Elon Musk's announcement earlier this month that he intends to hold a shareholder vote to move Tesla's state of incorporation to Texas as well. The move comes after a Delaware judge invalidated Musk's $56 billion pay package. Additionally, Musk's brain-chip implant company, Neuralink, recently changed its incorporation location from Delaware to Nevada.
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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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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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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 again seeks shareholder nod for Musk's 2018 pay voided by judge
Livemint
·
1y ago
Medial
Tesla is seeking shareholder approval for CEO Elon Musk's $56 billion pay package, which was rejected by a Delaware judge in January. The compensation is based on Tesla's market value reaching up to $650 billion over the next decade. The judge called the package an "unfathomable sum." Tesla disagrees with the decision and is asking shareholders to vote on the original package. The company also wants approval to change its state of incorporation from Delaware to Texas. Musk's compensation for 2023 was $0.
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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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The big loser in Tesla’s shareholder vote is Delaware
Livemint
·
1y ago
Medial
Electric car giant Tesla's move to reincorporate in Texas goes beyond mere cost savings. By leaving Delaware, where two-thirds of S&P 500 companies are incorporated, Tesla CEO Elon Musk aims to challenge the state's dominance in corporate affairs. Musk's recent defeat in a Delaware court over his pay package valued at $46 billion may have influenced the move. Shareholders approved the plan to reincorporate in Texas, where the company is based and where officials offer lower taxes and a specialized business court system. The move could signal a shift in perception of Delaware's shareholder protections.
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Tesla's board faces a 'tornado situation' after Elon Musk's $55 billion pay package was struck down, analysts say
Business Insider
·
1y ago
Medial
Tesla's board is facing a challenging time after a judge rejected Elon Musk's $55 billion pay plan. Analysts say the decision is surprising and creates uncertainty for the board, with Wall Street closely watching their next move. Musk plans to hold a shareholder vote to move Tesla's incorporation from Delaware to Texas. The court ruling found that the compensation package was excessive and criticized the board's lack of negotiation. Musk's push for greater control and pursuit of AI initiatives may face resistance from activist investors.
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