Delaware Approves 'Billionaire Bill' To Retain Big Corporations As It Faces Exodus

Delaware lawmakers have approved significant changes to corporate governance laws designed to retain billionaire-led companies, according to the Financial Times. The move aims to make the state more hospitable to billionaire-led companies, as the state faces growing competition from other states for corporate domiciles. Critics have dubbed it “the billionaire’s bill,” arguing it weakens shareholder protections and undermines legal precedent. The move follows backlash to a Delaware court decision nullifying Elon Musk’s nearly $55 billion Tesla pay package, which prompted Tesla and other Musk-linked companies to shift incorporations.