Delaware

Elon Musk's Neuralink moves legal home to Nevada after Delaware judge invalidates his Tesla pay deal

Published

10 months ago

February 10, 2024

Elon Musk's Neuralink moves legal home to Nevada after Delaware judge invalidates his Tesla pay deal

Elon Musk’s brain implant company Neuralink has moved its legal corporate home from Delaware to Nevada after a Delaware judge struck down Musk’s $55.8 billion pay package as CEO of Tesla.

Neuralink, which has its physical headquarters in Fremont, California, became a Nevada company on Thursday, according to state records. Delaware records also list the company’s legal home as Nevada.

The move comes after Musk wrote on X, formerly Twitter, that shareholders of Austin-based Tesla would be asked to consider moving the company’s corporate registration to Texas.

“Never incorporate your company in the state of Delaware,” he wrote in one post after the court ruling. He later added, “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”

Legal experts say most corporations set up legal shop in Delaware because laws there favor corporations. “Delaware built its preferred state of incorporation business by being friendly to company management, not shareholders,” said Erik Gordon, a business and law professor at the University of Michigan.

On Jan. 30, Delaware Chancellor Kathaleen St. Jude McCormick invalidated the pay package that Tesla established for Musk in 2018, ruling that the process was “flawed” and the price “unfair.” In her ruling, she called the package “the largest potential compensation opportunity ever observed in public markets by multiple orders of magnitude.”

McCormick’s ruling bumped Musk out of the top spot on the Forbes list of wealthiest people.

Musk, a co-founder of the privately held Neuralink, is listed as company president in Nevada documents. Messages were left Saturday seeking comment from Neuralink and Tesla.

McCormick determined that Tesla’s board lacked independence from Musk. His lawyers said the package needed to be rich to give Musk an incentive not to leave — a line of reasoning the judge shot down.

“Swept up by the rhetoric of ‘all upside,’ or perhaps starry eyed by Musk’s superstar appeal, the board never asked the $55.8 billion question: ‘Was the plan even necessary for Tesla to retain Musk and achieve its goals?’” McCormick wrote.

Musk’s fans argue that he shouldn’t be paid like other CEOs because he isn’t like other CEOs. He and Tesla are practically inseparable, so keeping him as CEO is key to the company’s growth. He built the company from an idea to the most valuable automaker in the world, last year selling more electric vehicles than any other company. His star power gets free publicity, so the company spends little on advertising. And he has forced the rest of the auto industry to accelerate plans for electric vehicles to counter Tesla’s phenomenal growth.

McCormick’s ruling came five years after shareholders filed a lawsuit accusing Musk and Tesla directors of breaching their duties and arguing that the pay package was a product of sham negotiations with directors who were not independent of him.

The defense countered that the pay plan was fairly negotiated by a compensation committee whose members were independent and had lofty performance milestones.

Musk wrote on X last month that the first human received an implant from Neuralink. The billionaire did not provide additional details about the patient.

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Delaware

Here are 9 holiday light shows to catch this season in the Delaware, Philadelphia region

Published

5 hours ago

November 23, 2024

Press Room

Here are 9 holiday light shows to catch this season in the Delaware, Philadelphia region

From walks to drive-thrus, there are plenty of opportunities to catch a holiday light show this season.

Various shows and events are taking place throughout Delaware and across the Philadelphia region this year.

Here are nine holiday light shows to check out:

Longwood Gardens

Spectators of the holiday light show at Longwood Gardens are in for a special treat this year as “A Longwood Christmas” kicks off amid the opening of “Longwood Reimagined.”

The expansion features new spaces like the West Conservatory, which will offer new areas to deck out for the holidays.

Longwood Gardens, located near Kennett Square, Pennsylvania, launched its holiday light display on Friday, Nov. 22, and it will run daily through Jan. 12. To make a reservation, visit the sprawling garden’s website.

Address: 1001 Longwood Road, near Kennett Square, Pennsylvania

Website: longwoodgardens.org

Yuletide at Winterthur Museum, Garden and Library

Holidays at the Winterthur Museum on Route 52 features twinkling lights adorning the woodlands, a large-scale gingerbread house and an 18-room dollhouse, according to the museum’s website.

The holiday display will be open to the public starting Saturday, Nov. 23, and will run through Sunday, Jan. 5.

You can purchase tickets online or by calling the museum at 800-448-3883.

Address: 5105 Kennett Pike, Winterthur, Delaware

Website: winterthur.org/

Holidays at Hagley

Get a glimpse of Hagley Museum and Library around the holidays with a holiday home and garden tour.

The site features a gingerbread house contest, Santa day, holiday night tours and more.

The holiday experience at Hagley runs from Sunday, Nov. 29 through Wednesday, Jan. 1. Purchase tickets online to schedule your holiday tour.

Address: 200 Hagley Creek Road, Greenville, Delaware

Website: hagley.org/

Drone show at the Riverfront

The Wilmington Riverfront during the evening hours of Friday, Dec. 6, will host a drone holiday light show.

The free holiday light show will take place on the Riverwalk. For more information about the event, visit the Riverfront’s website.

Address: Michael S Purzycki Riverwalk in Wilmington, Delaware

Website: riverfrontwilm.com/event/drone-light-show

Shady Brook Farm

If you are willing to take a drive for a holiday light display, look no further than Yardley, Pennsylvania’s Shady Brook Farm.

You can drive through the holiday show yourself or take a wagon ride through. The holiday festivities begin Saturday, Nov. 23 and run through Jan. 5, 2025. Ticket prices are per vehicle and vary depending on the day of your visit.

The farm also features Santa’s Village with gifts, treats, firepits and a Candy Cane Lane walk-through.

Address: 931 Stony Hill Road, Yardley, Pennsylvania

Website: shadybrookfarm.com

Gift of Lights Dover

The Dover Motor Speedway will once again host its drive-thru holiday light show this year.

Tickets are priced per carload at $35 per car and $60 per bus or limo.

Address: 1229 Persimmon Tree Lane, Dover, Delaware

Website: giftoflights.ticketspice.com/gift-of-lights-dover

The Brandywine Railroad

Since 1972, the Brandywine Railroad has displayed model trains, including locomotives, passenger and freight trains, and trolleys as part of its annual holiday display.

The display also features interactive options like “push buttons and foot pedals” so visitors can engage with the train setup.

The holiday display began on Saturday, Nov. 16, and runs through Jan. 5. For more information visit the Brandywine Museum of Arts’ website.

Address: 1 Hoffman’s Mill Road, Chadds Ford, Pennsylvania

Website: brandywine.org/museum

Holiday Lights Express

Take a festive ride on 100-year-old heated coaches through the Red Clay Valley to see homes decorated for the holidays.

The Wilmington & Western Railroad hosts one-hour evening train rides during the month of December. To purchase train tickets, visit the venue’s website.

For a visit from Santa Claus, be sure to reserve train tickets for the Santa Claus Express.

Address: 2201 Newport Gap Pike, Prices Corner, Delaware

Website: wwrr.com/ride/events/holiday-lights

NOËL at Nemours Estate

Experience the holidays at the Nemours Estate by touring the 77-room mansion, chauffer’s garage and gardens adorned in twinkling lights.

The estate also will feature live music performances throughout the season.

The festivities at the Nemours Estate began Tuesday, Nov. 19 and will extend through Sunday, Dec. 29. Purchase tickets on the estate’s website and reserve your visit.

Address: 1600 Rockland Road, Rockland, Delaware

Website: nemoursestate.org

Got a tip? Contact Amanda Fries at afries@delawareonline.com. Follow her on X at @mandy_fries.

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Delaware

Dolgeville vs Delaware Academy

Published

13 hours ago

November 23, 2024

Press Room

N. Scott Trimble

High School football 2024 Class D playoffs: Dolgeville vs. Delaware Academy

Dolgeville battles Delaware Academy at Cicero-North Syracuse Friday, November 22, 2024 for the Class D playoffs. (N. Scott Trimble | strimble@syracuse.com)Get Photo

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Delaware

The Delaware Springboard Villages to build a new community center – 47abc

Published

21 hours ago

November 22, 2024

Press Room

The Delaware Springboard Villages to build a new community center – 47abc

GEORGETOWN, Del. – The Delaware Springboard Villages announced Friday, that they would be breaking ground on a new community center. Co-founder of the organization, Jeffrey Ronald thinks this new center will bring more unity into the neighborhood.

“Breaking ground on this community center is not just for the participants of the Springboard Village. It’s for the broader Georgetown community where they will have access to job training, life skills like financial planning, communication skills, and healthcare.”

The state-of-the-art facility will feature computer labs, a telehealth conference room, staff offices, and a commercial kitchen. These resources will help guests toward self-sufficiency.

Executive Director, of Springboard Delaware, Judson Malone thinks this can be life-changing for those in need.

“It gives them a completely new perspective, and it is incredible when people come from the woods. It’s almost transformational, their whole outlook changes, and so the community center is going to build on that.”

According to Springboard Delaware, nearly 25% of guests have gained full employment. Around one-third have transitioned to permanent housing. Ronald is excited about the future of the Springboard Villages.

Governor-elect, Matt Meyer supports the organization. Ronald believes this will only grow stronger. “Matt Meyer who spearheaded the Hope Center, has been to the Springboard Village. He has kindly declared, and we think wisely declared, that he wants to replicate this model across the entire state. Hoping to help disadvantaged Delawareans build a better life.”

The villages are located on the property of the First State Community Action Agency behind their Georgetown headquarters. It houses up to 40 individuals.
It is the expectation they come in with a plan to find full employment.

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