A SpaceX Falcon 9 rocket lifts off on the USSF-124 mission for the U.S. Space Force and Missile Defense Agency in Cape Canaveral, Florida, U.S., February 14, 2024.
Joe Skipper | Reuters
SpaceX has filed to change its incorporation location to Texas from Delaware, according to public filings with the Texas Secretary of State.
It’s the latest move by Elon Musk following a Delaware Chancery Court ruling that ordered Tesla to rescind the CEO’s 2018 pay package, worth about $56 billion in options. Neuralink, another one of Musk’s companies, has also begun moving its location of incorporation from Delaware to Nevada.
Musk voiced a strong preference for moving his businesses out of Delaware following the court’s decision, and has encouraged other businesses to do so as well. He has also promised that Tesla will hold a shareholder vote to get approval to move the company’s site of incorporation to Texas.
“SpaceX has moved its state of incorporation from Delaware to Texas!” Musk wrote in a post on X on Wednesday. “If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.”
Musk is expected to file for appeal to the Delaware State Supreme Court regarding his pay package. If the ruling stands he will lose his options but not any shares he previously held.
Even before the ruling, Musk was exiting Delaware. After leading the $44 billion buyout of Twitter in 2022, he renamed it X and moved its site of incorporation to Nevada.
SpaceX and Musk didn’t immediately respond to a request for comment.
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