CEO Elon Musk has announced that SpaceX, the rocket company, has officially changed its state of incorporation from Delaware to Texas. If your company is planning to move to a different state, it should do so promptly.

The recent moves made by the billionaire founder and electric vehicle manufacturer, Tesla’s CEO, come after he announced earlier this month that he would hold a shareholder vote to move Tesla’s state of incorporation to Texas. This decision was made as a result of a Delaware judge invalidating his $56 billion pay package. It’s worth noting that Tesla’s headquarters are already located in Texas.

SpaceX “According to a recent poll conducted by Elon Musk, 87% of respondents voted in favor of Tesla transferring its state of incorporation to Texas. As a result, Musk announced that Tesla would immediately hold a shareholder vote to make this transfer happen, given that the public vote was unequivocally in favor of Texas.”

For SpaceX In January, a Delaware judge ruled that Elon Musk’s compensation package, which was set by Tesla’s board, was inappropriate and struck it down. This decision followed a lawsuit initiated by Tesla shareholder Richard Tornetta five years ago. Tornetta accused Musk of improperly dictating negotiations, claiming that the board had acted without independence.

Tesla’s agreement with Musk is the biggest compensation deal ever offered to an executive. This deal has contributed significantly to his fortune, which is one of the largest in the world. During the compensation trial in November 2022, Musk testified that the money would be used to finance interplanetary travel.