Delaware
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.
Explaining the Delaware Court System
Delaware’s court system is comprised of different branches. Some of them have their own area of jurisdiction and function. 6/4/25
A 30-year-old man has been indicted in the killing of his grandmother, Delaware State Police said.
The grandmother, 72-year-old Elizabeth Fritchey, lived for 12 days after Dempsey Fritchey assaulted her inside the Hyatt House Lewes / Rehoboth Beach hotel on Jan. 29, police said. This is the first time police have publicly acknowledged the woman’s death.
Dempsey Fritchey was indicted by a Sussex County grand jury on April 13 on a charge of first-degree murder, police said. He remains in the Delaware Department of Correction’s custody.
What happened
The Fritcheys were staying at the Lewes-area hotel, located at 17254 Five Points Square, Jan. 29 when police said he began assaulting his grandmother – striking her with his hands and feet.
He then went to the lobby about 5:45 p.m. and told hotel staff that he’d killed his grandmother, police said.
Arriving officers found Dempsey Fritchey near the hotel lobby. He “told troopers that he may have killed his grandmother.”
Troopers went to the Fritcheys’ room, where police said they found the grandmother. She was unconscious and had injuries to her face and head.
Troopers provided her with medical aid until EMS arrived. She was then taken to an area hospital with life-threatening injuries.
She died on Feb. 10 from the injuries she received during the assault, police said.
Send tips or story ideas to Esteban Parra at (302) 324-2299 or eparra@delawareonline.com.
Here are some ways you can save on gas
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After brief respite from increasing gas prices, the trend has reversed − and gas prices rose nearly 30 cents in a single week in Delaware.
Delaware’s 29-cent increase week over week is even greater than the national increase, AAA said. The national average was 27 cents higher on April 30 than April 23.
Gas prices are the highest they’ve been in four years, since late July 2022, AAA said.
Here’s this week’s gas price breakdown as we head into the weekend.
DE, PA, NJ, MD national gas price averages
- National average: $4.30 on April 30. This is 27 cents higher than last week and $1.12 higher than a year ago.
- Delaware average: $4.16 on April 30. This is 29 cents higher than last week and $1.17 higher than one year ago.
- Pennsylvania average: $4.11 on April 30. This is 22 cents higher than last week and 97 cents higher than a year ago.
- Southern New Jersey average: $4.25 on April 30. This is 38 cents higher than last week and $1.28 higher than a year ago.
- Maryland average: $4.21 on April 30. This is 23 cents higher and $1.12 higher than a year ago.
Why are gas prices so high?
Once again, the closure of the Strait of Hormuz is playing an outsized role in the increase, AAA said.
But with summer on the horizon, gas is also more in demand.
“As motorists grapple with pain at the pump due to rising crude oil prices, increased seasonal demand and the switchover to more expensive summer blended gasoline are seasonal factors pushing gas prices higher this time of year,” said Jana Tidwell, AAA spokesperson.
Got a story tip or idea? Send to Isabel Hughes at ihughes@delawareonline.com.
Why is Delaware known as ‘The First State’?
Delaware is known as ‘The First State,’ Here’s why.
Given its historical importance, It is fitting the First Sate — Delaware — will play an integral role in celebrating America’s 250th birthday.
Delaware 250, the organization overseeing Delaware’s celebration of America’s semiquincentennial, and the federal America250 organization set up a series of celebratory events in and around Delaware for the rest of 2026.f
Whether you’re a history buff or want to check out the Fourth of July fireworks show, there’s no shortage of America250 events in the First State to out. Here are a few.
Fireworks in Dover, historical reenactments in Bear highlight DE’s 250 celebration
Delaware 250 arranged over 50 America250 celebrations which range from storytelling to colonial cocktail classes.
Here are a few can’t-miss America250 events to check out in Delaware:
- Dover During the Revolution: 10:30 a.m. Saturday May 2; Delaware Public Archives, Dover
- Fireside chat with A Founding Mother authors Stephanie Dray, Laura Kamoie, 5 p.m. Saturday May 3; Lewes Public Library, Lewes
- In Common Cause: Delaware’s Homefront in the Revolutionary War, 5:30 p.m. Wednesday, May 6; Georgetown Public Library, Georgetown
- Separation Day 2026 Celebration: 6 p.m. Friday, June 12; New Castle battery Park, New Castle
Delaware will host several fireworks displays to celebrate America’s 250th birthday:
- Dover Days Fireworks 93rd Anniversary: 5 p.m. Friday, May 1; The Green, Dover
- USA 250th Anniversary fireworks show: at dusk on Saturday, May 30; Legislative Mall, Dover
- Fourth of July fireworks: 6 p.m. Saturday, July 4; University of Delaware Athletic Complex, Newark
Freedom 250 events in, around Delaware
Delawareans are within a one-tank trip distance of enjoying several Freedom 250 Semiquincentennial events in the Mid-Atlantic region.
Freedom 250 suggests 16 ways you can celebrate America’s 250th birthday, and here are a few of the best ones:
- Rededicate 250: A National Jubilee Of Prayer, Praise and Thanksgiving: 8 a.m. Sunday, May 17; National Mall, Washington, DC
- Salute To America 250 Celebration and Fireworks: at dusk on Saturday, July 4; National Mall, Washington, DC
- IndyCar Washington D.C. Street Race: 10 a.m. Sunday, August 23; Washington, DC
Is ‘America250’ and ‘Freedom 250’ the same thing?
America250 is the national, nonpartisan effort to mark the 250th anniversary of the Declaration of Independence.
Congress created the Semiquincentennial Commission in 2016 to plan the celebrations, and the America250 organization is now working with states, museums, local groups and nonprofits on a slate of events meant to help Americans reflect on the nation’s past, celebrate its present and plan for the future.
Freedom 250 is a White House-led initiative to spark interest and create officially sanctioned events related to America’s Semisesquicentennial celebration.
Damon C. Williams is a Philadelphia-based journalist reporting on trending, breaking and service-related topics across the Mid-Atlantic region for the USA Today Network.
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