'X Marks The Spot': Elon Musk Makes MAJOR Announcement About The Future Of His Business

On Wednesday, billionaire Elon Musk made a major announcement about his business SpaceX, the space exploration and rocket company that has garnered him tremendous fame, after a Delaware judge in Delaware invalidated a $56 billion pay package that he was supposed to receive from Tesla.

"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," Musk wrote on his social media platform X alongside a picture of the incorporation letter. Musk also changed the state of incorporation for his brain implant company Neuralink from Delaware to Nevada.

Prior to his decision to incorporate the company in another state, Musk took a public poll that found that 87 percent of respondents agreed that he should move his company to the Lone Star State. "The public vote is unequivocally in favor of Texas!" Musk announced earlier this month, per Newsmax. "Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas."

"Here we go," wrote Gov. Greg Abbott. "X marks the spot." The Lone Star State, with one of the friendliest business environments in the country, has been happy to receive the investment from Musk's various companies. The billionaire recently opened "Gigafactory Texas" for Tesla production in April 2022.

Musk took a massive financial blow earlier this year after a Delaware judge threw out his compensation package for leading the company to record profits that resulted in an over trillion dollar evaluation at one point. The judge stated that the pay package was agreed to in 2018 with directors who were under Musk's thumb. 

"Swept up by the rhetoric of 'all upside,' or perhaps starry-eyed by Musk's superstar appeal, the board never asked the $55.8 billion question: Was the plan even necessary for Tesla to retain Musk and achieve its goals?" Delaware's Court of Chancery Judge Kathaleen McCormick wrote. "The incredible size of the biggest compensation plan ever - an unfathomable sum - seems to have been calibrated to help Musk achieve what he believed would make a good future for humanity.'"

"Never incorporate your company in the state of Delaware," Musk wrote in response to the ruling.

As businesses continue to leave Democrat-led states, places that billionaire investor Kevin O'Leary calls "loser states," red states will continue to benefit. Lower taxes and less regulation bring about environments for businesses to thrive and individuals to innovate. States like Texas are leading the nation, and Elon Musk recognizes that.

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