Walmart considers moving legal home out of Delaware.
A revolt led by tech billionaires has Delaware scrambling to preserve its lucrative status as the corporate home of the American business world.
A year after a Delaware judge ordered Tesla to revoke Elon Musk’s $56 billion pay package, prompting him to relocate his companies’ incorporation to Texas and Nevada, reports that other prominent firms might follow his lead have sparked a potential crisis for the state.[…]
Until recently, Delaware’s grip on that status seemed secure. Most Fortune 500 companies are incorporated there, bringing in some $2 billion a year in corporate franchise taxes — more than a third of the state’s annual revenue and a big reason it has no sales tax.
Delaware went from rather politically mixed to complete dark blue.Elected the first male pretending to be a female to the US House of Representatives this past November.Going to enshrine abortion in the Constitution and otherwise are all in on every bad Democrat idea that exists.Hope they do exit the state so they can get a reality call.
I saw a podcast (Lotus Eaters?) that explained how Elon decided not to appeal the decision so the precedent stands in Delaware – a person with even a single share in the company, with the assistance of an activist judge, can overrule any decision made by the majority shareholders. That precedent puts every business that stays incorporated in Delaware at risk and that risk has to be disclosed to shareholders. Nobody else has standing besides Elon so nobody can appeal the decision. That is what is driving corporations to “move” from Delaware.
Once enough damage has been done to Delaware, I’m sure Elon will appeal the decision.
The right to appeal times out quickly.
Delaware is close, but not too close to the beltway.
Do a quick cross reference you will notice most of not all the hq located there are also competing for large government contracts.
Well up until DOGE happened.
https://www.youtube.com/watch?v=rX7wtNOkuHo
So … Delaware is the home of Deep Blue Billionaires and Oligarch’s? Ohhhhh … those are the GOOD Billionaires and Oligarch’s who practice ESG and DEI. Got it. THEIR tax-avoidance and de-regulation and friendly interlocking Governmental and Judicial Directorates … is a GOOD thing … because Blue corporations carrrrreeeee about you … Right?
The ROT goes deep. Dig it out … surgically … and treat with heavy dose anti-blue-otics
Joe Biden looked after his constituents in Delaware.
25% interest on credit cards wasn’t going to happen, it’s hazy but I recall Republican Congressman fighting Joe and his ilk. The Congressmen were trying to limit interest to 12%.
But good’ol Joe won the day for his Delaware banker constituents, he got just over 25% apparently.
The people loved him so much they gave him eighty trillion million votes for President!
myopic judgey judges.
like the ones that jail witnesses for not disclosing confidential whistleblowers.
which werks a grand single time after which the confidential (NOT anonymous) sources
all
dry
up.
billionaires are in some sense the canary in the coal mine. they prove the ability of an economy to generate all that wealth, albeit concentrated. and many folks are employed by the billionaires as they generate wealth.
the likes of a mitt romney are the exception, he ‘created’ wealth by demolishing firms and selling off the carcasses.