Musk's Neuralink moves legal home to Nevada
NEW YORK
Elon Musk’s brain implant company Neuralink has moved its legal corporate home from Delaware to Nevada after a Delaware judge struck down Musk's $55.8 billion pay package as CEO of Tesla.
Neuralink, which has its physical headquarters in Fremont, California, became a Nevada company on Feb. 8, according to state records.
Delaware records also list the company's legal home as Nevada.
The move comes after Musk wrote on X, formerly Twitter, that shareholders of Austin-based Tesla would be asked to consider moving the company's corporate registration to Texas.
“Never incorporate your company in the state of Delaware,” he wrote in one post after the court ruling.
He later added, “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”
Legal experts say most corporations set up legal shop in Delaware because laws there favor corporations.
On Jan. 30, Delaware Chancellor Kathaleen St. Jude McCormick invalidated the pay package that Tesla established for Musk in 2018, ruling that the process was “flawed” and the price “unfair.”
In her ruling, she called the package “the largest potential compensation opportunity ever observed in public markets by multiple orders of magnitude.”
McCormick’s ruling bumped Musk out of the top spot on the Forbes list of wealthiest people.
McCormick's ruling came five years after shareholders filed a lawsuit accusing Musk and Tesla directors of breaching their duties and arguing that the pay package was a product of sham negotiations with directors who were not independent of him.
Musk wrote on X last month that the first human received an implant from Neuralink. The billionaire did not provide additional details about the patient.
