After Elon Musk’s Delaware exit, state lawmakers weigh bill to overhaul corporate law

Tesla CEO Elon Musk looks on as US President Donald Trump speaks to the press as they stand next to a Tesla vehicle on the South Portico of the White House on March 11, 2025 in Washington, DC. Mandel Ngan | AFP | Getty Images Tesla CEO Elon Musk turned Delaware's corporate law into a hot-button topic last year after a judge there ruled that his $56 billion pay package from 2018 was illegally granted and should be rescinded. In social media posts, Musk smeared the judge and became an outspoken critic of Delaware's judiciary, moving the site of incorporation for Tesla and his other companies out of the state while encouraging others to follow suit. Dropbox moved its site of incorporation to Nevada, and Bill Ackman said his Pershing Square Capital Management would exit Delaware. Meta and Walmart are reportedly considering leaving. After a flurry of such announcements, Delaware's Senate Majority Leader Bryan Townsend, a corporate attorney by trade and former clerk for Delaware's Court of ... Read full article.