Elon Musk reincorporates SpaceX in Texas after online tantrum about $55 billion salary

Elon Musk, one of the world’s richest people, has reincorporated his rocket company Space X in Texas, lashing out in a Wednesday announcement at the state of Delaware, its previous corporate home.

Musk’s jab at Delaware, a favorite state for incorporations due to its favorable tax rules, comes after a judge there last month ruled the billionaire couldn’t keep his $55 billion salary from electric car company Tesla.

In the statement posted to social media platform X, which Musk also owns, he posted an image of SpaceX ‘s Certificate of Conversion signed by Texas Secretary of State Jane Nelson.

“If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” Musk tweeted.

Musk was forced to pare back his Tesla salary after a Delaware judge ruled against him in a shareholder lawsuit calling his $55 billion pay package excessive.

Much like a spoiled child, Musk threw a tantrum after the ruling, tweeting “never incorporate your company in the state of Delaware.” He then asked X users in a poll if he should reincorporate Space X in Texas.

“The public vote in unequivocally in favor of Texas,” Musk wrote on X after the poll closed Feb. 1.

Although SpaceX’s move to Texas appears to be more about a personal grudge than a thoughtful review of its finances, that didn’t stop Gov. Greg Abbott — who frequently brownnoses Musk on X — from taking a victory lap.

“Welcome home!” the Republican governor tweeted, linking to a Bloomberg article about Musk’s reincorporation of SpaceX.

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This article appears in Feb 7-20, 2024.