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 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 of incorporation for American companies.”