WASHINGTON (dpa-AFX) - Elon Musk's rocket company, SpaceX, has filed to change its registration state to Texas from Delaware, according to the founder's post on X, formerly Twitter.
'If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,' Musk added.
The CEO had proposed the move earlier on X, after a Delaware judge revoked Musk's $56 billion salary package in a lawsuit filed by Tesla's investors, who claimed that the excessive package was not properly disclosed ahead for stockholders' approval.
The Chancery Court Chancellor Kathaleen McCormick ruled that the company's board had failed to prove that Musk's pay package was fair or even present evidence that a negotiation with Musk had taken place regarding the package.
Responding to the ruling, Musk posted, 'Never incorporate your company in the state of Delaware'. He even conducted a poll on whether the company should change its state of incorporation to Texas. Around 87.1 percent of a total 1.1 million respondents voted in favor of Musk's proposal.
Announcing the final decision, Musk then posted, 'The public vote is unequivocally in favor of Texas! Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas.'
Musk is also expected to file for an appeal to the Delaware State Supreme Court to challenge the pay package ruling. However, if the ruling stands he will lose his record-breaking compensation package.
Last week, Musk's brain-chip implant company, Neuralink, also changed its incorporation from Delaware to Nevada.
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