Billionaires and Big-Tech companies are fleeing Delaware in such droves, Newsweek said the state faces an "exodus" of major corporations.
After reports over the weekend that Facebook's Meta was considering moving its incorporation from Delaware to Texas, billionaire Bill Ackman tweeted he will move his financial management company out of the Diamond State.
"We are reincorporating our management company in Nevada for the same reason. Top law firms are recommending Nevada and Texas over Delaware," Ackman wrote.
Ackman is not alone in the exodus.
Big Tech's Dropbox revealed in a shareholder resolution that it was moving from Delaware to Nevada.
And Coinbase chief legal officer Paul Grewal warned on X that "Delaware is at serious risk of losing its standing as the leading state of incorporation for American companies."
Once corporate-friendly Delaware has become an activist, DEI state in recent years with once nonpartial judges using their gavel to penalize Big Business and political conservatives.
After seeing a Democrat judge move to block his shareholder-approved Tesla compensation package of $56 billion, Musk moved Tesla and SpaceX's incorporation to Texas. His biotech company Neuralink was moved from Delaware to Nevada.
On X, Musk stated, "Never incorporate your company in the state of Delaware."
The home state of former President Joe Biden, Delaware has come under criticism for its close ties to the Biden family and its political agenda.
Last year, The Wall Street Journal published an article, co-written by former Attorney General William Barr, lambasting Delaware for embracing far-left environmental, social, and governance policies and attempting to push them on corporations.
Viet Dinh, former Fox News chief legal counsel, also complained the network was forced into an unprecedented $787 million settlement with a voting company over its reports relating to the 2020 election.
Dinh complained that the court had failed to apply standard libel law with rulings that "called into question the fundamental fairness and integrity of the Delaware civil justice system."
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