Elon Musk's Neuralink Switches Location of Incorporation From Delaware to Nevada

Switching the state of incorporation for Tesla could come with hurdles such as investor lawsuits.

By Reuters | Updated: 10 February 2024 16:08 IST

Elon Musk's Neuralink Switches Location of Incorporation From Delaware to Nevada

Photo Credit: Reuters

Neuralink had implanted its first brain chip in a human patient last week

Highlights

Last September Neuralink had received approval for brain implants
People with cervical spinal cord injury could qualify for the study
The study will use a robot to surgically place a BCI implant

Elon Musk's brain-chip implant company, Neuralink, changed its location of incorporation from Delaware to Nevada, according to the business portals of both states.

The development comes about a week after Musk said Tesla would hold a shareholder vote to transfer its state of incorporation to Texas from Delaware after a judge invalidated his $56 billion (roughly Rs. 4,64,880 crore) pay package.

However, switching the state of incorporation for Tesla could come with hurdles such as investor lawsuits, particularly if it was seen as a move to secure his pay package, legal experts said.

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Musk said last week that Neuralink had implanted its first brain chip in a human patient, who was recovering well after the procedure.

Neuralink did not immediately respond to a Reuters request for comment.

In September 2023, the company received approval from an independent review board to begin recruitment for the first human trial of its brain implant for paralysis patients.

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Those with paralysis due to cervical spinal cord injury or amyotrophic lateral sclerosis may qualify for the study, it said but did not reveal how many participants would be enrolled in the trial, which will take about six years to complete.

The study will use a robot to surgically place a brain-computer interface (BCI) implant in a region of the brain that controls the intention to move, Neuralink said, adding that its initial goal is to enable people to control a computer cursor or keyboard using their thoughts alone.

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