Elon Musk’s brain implant company Neuralink Corp. has switched where its business is incorporated to Nevada.
The move comes after a Delaware judge struck down Musk's $55.8 billion pay package from being CEO of Tesla Inc., and it also appears to be a step the billionaire is taking to cut ties in the state that has caused him legal setbacks.
“Never incorporate your company in the state of Delaware,” Musk wrote in a post on X, the social network he owns, after asking shareholders to consider moving Austin-based Tesla’s incorporation to another state. He later added, “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”
According to records from the Nevada secretary of state, the change was completed last week, and a notice was sent to Neuralink shareholders. The notice informed shareholders that their outstanding shares would be moved from Delaware and be incorporated in Nevada.
Neuralink officials did not respond to the Business Journal’s request for comment.
Last month, Musk announced that the company's first human patient successfully received an implant from the medical tech startup.
The company received approval to begin recruiting patients for its first human trials just this past May, and officially began recruitment efforts last September.
The Fremont-based company’s efforts has not been without controversy. At present the U.S. Department of Agriculture’s inspector general is investigating complaints by Neuralink staff that the company rushed testing, causing the needless suffering and deaths of 1,500 animals laboratory animals — among them, 280 monkeys, pigs and sheep. Additionally, the company was fined for violating U.S. Department of Transportation rules regarding the movement of hazardous materials.
Separately, this is not the first time Musk has reincorporated a company outside of Delaware. When much reamed Twitter to X Corp. he moved its incorporation from Delaware to Nevada.
