Elon Musk, CEO of the rocket company SpaceX, announced on Wednesday (Feb 14) via a post on X (previously known as Twitter) that the company has shifted its state of incorporation from Delaware to Texas.
“SpaceX has relocated its state of incorporation from Delaware to Texas! If your company is still incorporated in Delaware, I suggest moving to another state as soon as possible,” Musk conveyed on the platform.
This decision follows Musk’s recent announcement earlier in the month regarding his intention to conduct a shareholder vote to transfer Tesla’s state of incorporation to Texas, where its headquarters are located. This move came after a Delaware judge nullified his $56-billion compensation package as Tesla’s CEO.
“The public vote overwhelmingly favors Texas! Tesla will promptly initiate a shareholder vote to transfer the state of incorporation to Texas,” Musk announced on X earlier this month, following a poll where 87 percent of respondents supported Tesla’s proposed change of incorporation.
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