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.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Delaware lawmakers have approved major changes to corporate governance laws designed to retain
00:06billionaire-led companies, according to the Financial Times.
00:09The move is aimed at making the state more hospitable to billionaire-led companies,
00:14as the state faces growing competition from other states for corporate domiciles.
00:18Critics have dubbed it the Billionaire's Bill, arguing it weakens shareholder protections
00:23and undermines legal precedent.
00:25The move follows backlash to a Delaware court decision nullifying Elon Musk's nearly $55
00:30billion Tesla pay package, which prompted Tesla and other Musk-linked companies to
00:35shift in corporations.