Tech billionaire Elon Musk continued moving his businesses out of Delaware this week by reincorporating SpaceX in Texas.
According to a Wednesday filing with the Securities and Exchange Commission, SpaceX has moved its state of incorporation from Delaware to the Lone Star State.
“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,” Mr. Musk posted on X Wednesday.
SpaceX is the latest of Mr. Musk’s companies that have reincorporated in Texas after a Delaware court ruled against his massive 2018 pay package from Tesla last month. While the decision is still subject to appeal from the CEO, he stands to lose more than $50 billion in assets.
In the aftermath of the ruling, Mr. Musk asked his followers on X if he should move Tesla out of Delaware; most of them agreed it was time to leave. He still needs to acquire shareholder approval to officially move the electric vehicle company’s incorporation. However, he did officially move his brain implant company Neuralink out of Delaware last week.
Delaware is one of the most popular incorporation states in the country because of its tax incentives and privacy protection.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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