Elon Musk announced on Wednesday that SpaceX moved its “state of incorporation” to Texas.

Musk posted an image of a letter from Texas Secretary of State Jane Nelson acknowledging and accepting the filing. The company will move from Delaware, and Musk encouraged other companies to do the same “as soon as possible.”

“SpaceX has moved its state of incorporation from Delaware to Texas!” Musk said on X, formerly Twitter. “If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.”

Chancellor Kathaleen St. Jude McCormick ruled Jan. 30 that the board of directors for the electric car company Tesla failed to provide sufficient justification for a $56 billion payout to Musk. The compensation was challenged by a shareholder under a provision of Delaware law, according to court documents.

“Never incorporate your company in the state of Delaware,” Musk posted on X the day of the ruling.

The Justice Department filed a lawsuit against SpaceX in August over allegations of discrimination against refugees and asylum seekers.

SpaceX did not immediately respond to a request for comment from the Daily Caller News Foundation.

Harold Hutchison on February 14, 2024

(Visited 694 times, 1 visits today)