'Varney & Company' host Stuart Varney discusses the consequences of a Delaware judge striking down Elon Musk's $56 billion compensation package.
Billionaire Elon Musk's cybernetic implant company, Neuralink, has changed its place of incorporation from Delaware to Nevada, state records show.
The move comes about a week after Musk said Tesla would hold a shareholder vote to move its incorporation state from Delaware to Texas after a judge struck down his $56 billion pay package.
“Never incorporate your company in the state of Delaware,” Musk, formerly of X, posted on Twitter after that decision came down.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 193.57 | +4.01 | +2.12% |
Neuralink did not immediately respond to Fox Business' request for comment.
Tesla to Texas? Elon Musk announces major shareholder vote
This multiple exposure illustration photo taken in Kraków, Poland on December 10, 2021 shows the Neuralink logo displayed on a phone screen, a silhouette of a paper in the shape of a human face and a binary code displayed on a screen. (Jakub Porzycki/Nurfoto via Getty Images)
Last week, Delaware Judge Kathleen McCormick Sided with Tesla investors who challenged a 2018 share-based pay package, ruling that the “immense amount” was unfair to shareholders and negotiated by directors who were beholden to Musk.
In response to that decision, Musk asked X users, “Should Tesla change its state of incorporation to Texas, home of its physical headquarters?” The results of the survey after polling by over 1.1 million users were 87.1% “yes” and 12.9% “no”.
“The public vote is clearly in favor of Texas!” Musk announced on February 1. “Tesla will take immediate steps to hold a shareholder vote to move the state of incorporation to Texas.”
However, changing the incorporation status for Tesla could raise hurdles such as investor lawsuits, especially if it is seen as a move to protect his pay package, legal experts told Reuters.
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Elon Musk, chief executive officer of SpaceX and Tesla and owner of Twitter, gestures while attending the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center on June 16, 2023 in Paris, France. (Photo by Chesnaught/Getty Images/Getty Images)
Musk announced last week that Neuralink had successfully implanted its first brain chip in a human patient, who is reportedly recovering well.
In September, Neuralink announced that it was holding open recruitment for the first-in-human clinical trial of its wireless brain-computer interface (BCI).
In the announcement, Neuralink said the Precise Robotically Implanted Brain-Computer Interface (PRIME) study will evaluate the safety of the company's implant (N1) and surgical robot (R1), while also assessing whether the devices can help paralyzed people connect with external devices. Can help control. Idea.
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Elon Musk, chief executive officer of Tesla Inc. and (Photo by Antonio Masiello/Getty Images/Getty Images)
On January 28, the first implant was placed in a human being.
“The first human received an implant from @Neuralink yesterday and is recovering well,” Musk posted on Twitter on January 29. “Preliminary results find promising neuron spike detection.”
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The tech mogul also tweeted that the first version of Neuralink is called telepathy, explaining that it enables people to control their phones or computers and almost any other device through them simply by thinking.
“The initial users will be those who have lost the use of their limbs,” Musk said. “Imagine that Stephen Hawking could communicate faster than a speed typist or an auctioneer. That's the goal.”
Greg Weiner of Fox Business and Reuters contributed to this report.