- The Millionaire Heat High Speculative Fund Manager Bill Ackman said that he moves his Delaware management company.
- He follows similar declarations of companies like Dropbox, Meta and SpaceX.
- Some companies turn against Delaware, historically considered as a state adapted to companies.
Bill Ackman, the billionaire CEO of Pershing Square Capital Management, said that he will issue his Delaware management company to reintegrate Nevada.
His announcement, which came in an article on X on Saturday morning, answered the news that Dropbox was making a similar movement. “We reincorpin our management company in Nevada for the same reason.
Pershing Square Capital Management refused to comment more.
Other high -level public companies have also announced their release from Delaware, the original state of former President Joe Biden, in the past year while certain companies turn against the state historically favorable to business .
The CEO of Tesla, Elon Musk, spent a large part of 2024 to encourage companies formed in Delaware to leave after a judge has repeatedly canceled his Tesla remuneration package of $ 55 billion, which argued that ‘A trial for shareholders was excessive. The decision prompted Musk to move SpaceX to Texas.
A large part of the concern for these established public companies is a series of recent decisions of the Delaware court, including that of the Musk wage fee, which allow shareholders more to challenge executive decisions.
Meta, which maintains a corporate structure that gives CEO Mark Zuckerberg near total control, also plans to leave Delaware to reintegrate into Texas or another state, the Wall Street Journal reported on Friday.
The CEOs billionaires like Ackman, Zuckerberg and Musk hope that the courts in other states, such as Texas or Nevada, will be less permissive of the prosecution of shareholders and boards of directors.
Correction: January 25, 2025 – The Wall Street Journal reported that Meta Platforms discussed the movement of its incorporation of Delaware, citing people familiar with the issue. A previous version of this article reported that Meta herself announced that she was considering such a decision.
