Elon Musk Says SpaceX Has Switched Incorporation to Texas – The New York Times

The private rocket company SpaceX has switched where it is incorporated to Texas from Delaware, its founder, Elon Musk, said on Wednesday, weeks after a Delaware judge voided his pay package at Tesla, another company he owns.

The Texas secretary of state, Jane Nelson, issued a certificate on Wednesday confirming that the state has accepted the companys filing to relocate its incorporation, according to a copy of the document that was posted on her offices website. A spokeswoman for Ms. Nelsons office did not immediately respond to a request for comment.

Mr. Musk, a billionaire who lives in Texas and also runs the carmaker Tesla, has had issues with Delaware. Last month, a judge there voided the pay package that had helped to make him the worlds wealthiest person.

That case was brought by a group of Tesla shareholders who were challenging a stock options package that allowed Mr. Musk to acquire about 304 million Tesla shares at a preset price $23.34 a share if the company achieved certain goals. The judge ultimately ruled that Mr. Musk had effectively overseen his own compensation plan, valued at more than $50 billion last month, with the help of compliant board members.

During the coronavirus pandemic, Mr. Musk moved Teslas headquarters to Texas from California, although he said last year that the carmaker would move one component of that operation its engineering headquarters back to California.

He has also said that he wants to reincorporate Tesla to Texas from Delaware. But because Tesla, unlike SpaceX, is publicly traded, the move would require shareholder approval.

SpaceX still designs and builds its spacecraft at its headquarters in Hawthorne, Calif., a city near Los Angeles International Airport.

Mr. Musk announced SpaceXs corporate relocation to Texas hours before the company launched a robotic lander that will attempt to carry NASA payloads to the moon. The launch time had been postponed to early Thursday morning from Wednesday because of a technical issue.

Original post:

Elon Musk Says SpaceX Has Switched Incorporation to Texas - The New York Times