Meta is considering moving its incorporation out of Delaware and to Texas, citing a desire for more favorable business laws. The move would not affect the company’s headquarters in California, which is located in the Silicon Valley region.
Several major companies have already left Delaware due to concerns over the state’s increasingly litigious courts. Dropbox recently gained approval to incorporate in Nevada, while Elon Musk has moved several of his companies out of Delaware in recent years.
Musk’s departure from Delaware was prompted by a court ruling that required him to give up a compensation package worth over $55 billion after shareholders sued, alleging the company was breaking its duty to shareholders. Tesla and SpaceX are now incorporated in Texas, which is seen as a more business-friendly state.
Meta’s potential move to Texas would follow a similar trend, with the tech giant seeking to take advantage of the state’s more favorable laws and regulations. However, the exact terms of Meta’s decision remain unclear, and the company has not yet made an official announcement on its plans for incorporation.
Source: https://san.com/cc/meta-considers-moving-its-incorporation-to-texas-leaving-delaware-report