He did not hesitate to make a radical decision.
After losing $56 billion in compensation at Tesla in a judgment, Elon Musk entered into a crusade against the American state of Delaware, in the east of the country.
He has just withdrawn the headquarters of another of his companies, SpaceX, specializing in aerospace.
It was a recent decision of the Delaware Chancery Court (DCC) against him that provoked the fury of the richest man in the world, who considers this court to be a refuge for ultra-procedural lawyers and meddlesome judges. hindering its vision and strategic decisions.
The boss of the car manufacturer Tesla has been headlong against this court since a judge ruled at the end of January in favor of a shareholder of his company.
The latter requested the cancellation of a compensation plan granted in 2018 to Elon Musk, estimated at $56 billion.
In response, the entrepreneur announced Wednesday on X (formerly Twitter), the social network he bought, that “SpaceX has moved from Delaware to Texas.”
“If your business is still registered in Delaware, I recommend that you move it as soon as possible,” he even recommended.
SpaceX has moved its state of incorporation from Delaware to Texas!
If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.
pic.twitter.com/B7FLByL2dY
— Elon Musk (@elonmusk) February 15, 2024
The DCC, one of the three constitutional courts of the State and specialized in business law, has nevertheless been considered for more than a century as one of the pillars of American capitalism, being the reference jurisdiction of nearly two third of the 500 largest companies in the country.
A pillar of entrepreneurship, it is one of the reference institutions concerning the internal functioning of American multinationals.
According to Delaware data, nearly 80% of IPOs were registered in its territory, with companies relying on the expertise of its judges as well as the reliability and stability of its legal system.
Tesla, the next to leave Delaware?
Elon Musk, for his part, preferred to move SpaceX to Texas, one of the few states along with Nevada seeking to build a legal system likely to compete with Delaware.
Although it appears difficult to dethrone the US east coast state, some observers fear a race to the bottom, with companies seeking jurisdictions where corporate oversight is less strict.
Earlier this month, the entrepreneur also said he was ready to move Tesla's headquarters to Texas as well.
He indicated on his network
The multinational being listed on the stock exchange, the shareholders have their say, with the risk of forcing the abandonment of the project.
In fact, it is enough for a small proportion of them to oppose the movement of the seat to block it.
This is what happened to TripAdvisor, whose parent company's CEO has so far failed to pass Delaware's departure due to opposition from a few shareholders.
Read alsoWar in Ukraine: the Kremlin and Musk deny that Starlink is used by the Russian army
In the past, Elon Musk had already moved his start-up manufacturing Neuralink brain implants to Nevada, where he also installed the headquarters of