From Delaware to Texas: SpaceX with Musk.

Attention India
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The CEO of SpaceX Elon Musk, announced in a post on X on Wednesday that the business has changed its state of incorporation from Delaware to Texas, bringing attention to the billionaire’s ongoing dispute with Delaware regarding the ruling of a state court to annul his enormous billion compensation deal from Tesla.

Following a Delaware judge’s invalidation of his $56-billion compensation package, the billionaire founder and CEO of electric vehicle manufacturer Tesla announced earlier this month that he will hold a shareholder vote to move Tesla’s state of incorporation to Texas, where it has its headquarters.

“SpaceX has moved its state of incorporation from Delaware to Texas! If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” Musk shared on X formerly known as Twitter. Neuralink, Musk’s brain-chip implant startup, similarly shifted its incorporation state from Delaware to Nevada last week.

Earlier this month, Musk stated on X where 87% of respondents to a poll he conducted supported Tesla’s change of incorporation. “The public vote is unequivocally in favor of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas”.

To propose the relocation, the business filed a request earlier on Wednesday with the Texas Secretary of State. Later on in the day, Musk released an image of a document from the Secretary of State’s office confirming SpaceX’s registration on X, stating that the rocket company had “moved its state of incorporation from Delaware to Texas.”Musk also made fun of Delaware, saying to anybody who have a business registered there, “I recommend moving to another state as soon as possible.” A fan-made animated picture including the SpaceX logo and a map of Texas was later published by Musk. A day prior, Texas Governor Greg Abbott said on X, “Welcome Home!” in response to news reports about SpaceX.

Musk declared earlier this month that Tesla would hold a shareholder vote to change the state of incorporation of the electric car firm to Texas. Following a public poll on X, the billionaire made the announcement and declared that the “public vote” was “unequivocally in favor of Texas.” There has not yet been a vote by shareholders on the issue. Neuralink, another of Musk’s firms developing brain implants, changed its state of incorporation from Delaware to Nevada over the weekend. Musk stated, “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters,” in a previous X post. Since Tesla is a publicly traded company, changing its state of incorporation will take more time and shareholder approval than for Neuralink or SpaceX.

-Subhangee Mandal

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