Thursday, July 25

Elon Musk Says SpaceX Has Switched Incorporation to Texas

The 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 confirming that the state has accepted the company’s filing to relocate its incorporation on Wednesday, according to a copy of the document that was posted on her office’s website. A spokeswoman for Ms. Nelson’s 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 world’s 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.

“If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” Mr. Musk wrote Wednesday on X, the social media platform that he owns, in a post announcing the SpaceX news.

Mr. Musk announced the move 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.