Elon Musk has announced that he is moving his brain-chip implant company, Neuralink, from Delaware to Nevada. The move was completed on Thursday with a notice sent to shareholders. According to Bloomberg, the decision was made due to frustration with legal setbacks in Delaware, including a judge striking down a $55 billion pay package for the Tesla CEO.
Musk had also expressed his desire to reincorporate Tesla, moving it out of Delaware. He ran a public poll on social media platform X (formerly Twitter) asking if Tesla should move its incorporation to Texas and later stated that “the public vote is unequivocally in favor of Texas.”
Despite its reputation as the US’s incorporation capital and home to more than 60% of the nation’s Fortune 500 companies, Delaware’s legal climate has been frustrating for Musk. As of now, the state is home to 1.3 million legal entities and continues to be a popular choice for large businesses looking for tax benefits and efficient incorporation processes. However, Musk’s recent decisions reflect his dissatisfaction with the legal setbacks faced 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 in Nevada.