Feb. 10 (UPI) — Neuralink Corp. founder and investor Elon Musk is relocating the tech company from Delaware to Nevada after losing a $55.8 billion Tesla pay package that a Delaware judge recently nixed.
Musk notified Neuralink shareholders of the change from Delaware to Nevada, which the Nevada Secretary of State finalized Thursday, according to Bloomberg and the Wall Street Journal .
“Never incorporate your company in the state of Delaware,” he posted on X.
“I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters,” Musk said in another post.
The billionaire also said he intends to have Tesla shareholders vote on his proposal to move Tesla to Texas from Delaware. Tesla is headquartered in Austin but was incorporated in Delaware in 2003.
Delaware Chancellor Kathleen St. Jude McCormick in late January voided a 2018 Tesla pay package that mostly included Tesla shares in lieu of cash payments.
A shareholder in 2018 filed a legal challenge to Musk’s $55.8 billion pay package, saying he dictated its terms and misled shareholders with incomplete disclosures in a Tesla proxy statement.