Delaware
Elon Musk moves Neuralink from Delaware to Nevada
Elon Musk’s company Neuralink, which works on brain implants, moved its official business location from Delaware to Nevada. This change comes after Musk faced legal issues in Delaware, including problems related to pay and his purchase of Twitter.
The move comes after Musk’s tweet in January that no company should incorporate in Delaware. “Never incorporate your company in the state of Delaware,” he wrote.
Musk’s comment was followed by the Delaware Court of Chancery’s Judge Kathaleen McCormick’s remark on the Tesla CEO’s $56-billion salary. Judge McCormick termed called it “an unfathomable sum”.
Neuralink is not the first Elon Musk company that has been reincorporated outside of Delaware. The richest man in the world earlier moved the incorporation of X from Delaware to Nevada when he renamed the company from Twitter. Nevada’s business laws give company leaders stronger protection from lawsuits by investors.
The shift Delaware to Nevada was completed on February 8, according to the office of the Nevada secretary of state and a notice sent to shareholders in the company.
The notice sent to shareholders, which was reviewed by Bloomberg, informed them that their outstanding shares in the Delaware corporation would now be incorporated into outstanding shares in the Nevada corporation.
Neuralink lawyer Philip Mao declined to comment to Bloomberg.
Last week, Musk announced on Twitter that his company Neuralink had put a device into a human for the first time. This device is designed to let people with serious injuries use computers just by thinking. Musk believes that, in the future, the device will allow anyone to control phones, computers and many other devices simply by thinking.
Delaware: Incorporation capital of US
Delaware is famous for being the main location for many companies to officially set up. Over 70% of Fortune 500 companies in the US are registered in the state because Delaware’s courts are quick and the judges know a lot about business law. They handle big business deals and disagreements without a jury. Companies from other countries also go to Delaware for solving their business problems.
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Published: 10 Feb 2024, 06:47 AM IST
Delaware
Done Deal: 695 Delaware Avenue – Buffalo Rising
Ellicott Development has expanded it local property portfolio. Ellicott’s 4628 Group Inc. purchased 695 Delaware Avenue on Wednesday for $1.025 million. Fred Kaplan Living Trust was the seller. The 8,454 sq.ft., three-story barn-like structure with mansard roofed addition is occupied by media production and marketing firm Crosswater Digital Media. It was the home of WKBW radio for a number of years. The property totals 0.4 acres in size with a large parking lot fronting Delaware Avenue.
The property is bookended by the Westbrook Apartments and Wilcox House apartment buildings, both ten-story structures. It sits across the street from 700 Delaware, the former Computer Task Group Building Ellicott purchased in 2018 and is now occupied by the NYS Department of Environmental Conservation.
Delaware
Man, 77, dies after collision with teen driver near Hartly, police say
What to do if you come across a serious car accident
What to do if you come across a serious car accident
A 77-year-old man died following a two-car crash near Hartly on the morning of Dec. 10, Delaware State Police said.
The man, from the Dover area, has not been identified by police pending family notification.
According to police reports, the man was driving a Honda Accord east on Judith Road approaching Hartly Road about 9 a.m., as an 18-year-old woman was driving a Ford Focus south on Hartly Road approaching Judith Road.
Police reported that a preliminary investigation shows the Honda moved from the stop sign into the Ford’s path, causing a collision.
The man was pronounced dead at the scene. The woman, from Hartly, was treated at the scene. Police said she refused to be taken to a hospital.
Send tips or story ideas to Esteban Parra at (302) 324-2299 or eparra@delawareonline.com.
Delaware
Delaware County approves 19% property tax hike in 4-1 vote
MEDIA, Pa. (WPVI) — Delaware County Council voted 4-1 Wednesday night to approve a budget that includes a 19% property tax increase, despite objections from residents.
Property owners with a home assessed at $255,000 will pay about $188 more annually under the new budget, which takes effect next month.
Before the vote, some residents urged council to reconsider.
“I ask council to revisit the proposed budget, forgo voting tonight, avoid solving the entire deficit on the back of the hardworking taxpayers,” said Cynthia Sabitini of Upper Providence Township.
One councilmember agreed, but most did not.
“Simply put, I feel that the increase is too drastic,” said Councilmember Elaine Paul Schaefer.
“This needs to occur. I don’t like it, but it’s what has to occur,” said Councilmember Kevin Madden.
The hike follows a 23% increase last year and a 5% increase the year before. County officials say tax hikes were minimal for a decade, forcing steep increases now.
The current all-Democratic council argues they’re righting the financial ship after past Republican leaders didn’t do enough.
“For the first time in more than a decade, this budget puts Delaware County on track to have a truly balanced budget,” said Council Chair Dr. Monica Taylor.
County leaders say the increase addresses a structural deficit, but opponents blame spending on projects such as de-privatizing George Hill Correctional Center and creating a health department.
“How do you justify coming in with a deficit and then saying you’re repairing it after you grew it?” said Michael Straw of Media Borough Republicans.
Officials say future hikes should be minimal if the county makes any request at all, but some remain skeptical.
“I have my doubts that we won’t be seeing increases in the future,” Straw said.
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