Photo: Joe Raedle / Getty Images News / Getty Images
Elon Musk announced that SpaceX is no longer incorporated in Delaware, just two weeks after a state court voided his enormous pay package with Tesla.
The company is now incorporated in Texas.
Musk fumed after a Delaware court revoked his $56 billion compensation package at Tesla, ruling in favor of a shareholder who argued it was negotiated by directors who had close ties with Musk. The judge also found the performance targets were too easy to meet and that the company's own internal projections showed that Tesla was on target to hit the benchmarks while the deal was being hammered out.
After the ruling, Musk posted on X and urged people to move their businesses from the state. He also posted a poll asking his followers if he should move SpaceX from Delaware to Texas. The results were a resounding yes.
"The public vote is unequivocally in favor of Texas!" Musk said once the vote closed. "Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas."
On Wednesday, Musk posted that the process was complete and shared a copy of the certification of conversion.
"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 wrote on X.