Elon Musk, the CEO of Neuralink and Tesla, has decided to shift the incorporation of his brain-chip implant company out of Delaware and is now located in Nevada. According to Bloomberg, the move was completed on Thursday with a notice sent to shareholders. Musk expressed his frustration with the legal setbacks in Delaware, which included a judge striking down a $55 billion pay package for the Tesla CEO. On social media platform, X (formerly Twitter), Musk recommended Nevada or Texas as the preferred states for incorporating a company.
In addition to moving Neuralink to Nevada, Musk has also expressed his desire to reincorporate Tesla, moving it out of Delaware. Musk ran a public poll on X, asking if Tesla should move its incorporation to Texas and later stated that “the public vote is unequivocally in favor of Texas.”
Delaware is home to 1.3 million legal entities and has the reputation of being the US’s incorporation capital, with more than 60% of the nation’s Fortune 500 companies incorporated there. Despite the state’s advantages for large businesses, Musk’s recent decisions reflect his frustration with the legal climate in Delaware.
Neuralink conducted its first human brain implant in January and aims to find a way for humans to control a computer keyboard or cursor with their thoughts. With the patient said to be recovering well, the company continues to forge ahead with its research and development goals.