AUSTIN, Texas — Elon Musk has moved his spacecraft manufacturing company, SpaceX, from Delaware to Texas, doubling down on his social media posts urging other businesses to move their incorporations out of the First State.
Musk posted on X, the social media app formerly known as Twitter which he owns, Wednesday saying SpaceX has filed to move its state of incorporation from Delaware to Texas. The post included a copy of the certificate of conversion from the Office of the Texas Secretary of State.
“If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” the post said.
This move comes after Musk vowed to move all of his businesses that are incorporated in Delaware to other states after a Delaware judge ruled that the Tesla CEO was not entitled to a $55 billion compensation package awarded by Tesla’s board of directors.
Musk reacted to the ruling on X, saying, “Never incorporate your company in the state of Delaware,” and later adding “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”
More than 60% of Fortune 500 companies are incorporated in Delaware due to the state’s tax incentives and court system, according to a CNBC article from 2023.
The billionaire doubled down on his post by moving his brain implant company Neuralink from Delaware to Nevada last week, which is headquartered in California. Musk also asked shareholders of Tesla to vote on switching its corporate registration to Texas in early February, where its physical headquarters is located.
SpaceX’s move has been praised by Texas Gov. Greg Abbott, who posted on X saying, “Here we go.”