Meta mulls reincorporating out of Delaware
Meta is looking into reincorporating away from Delaware and potentially to Texas, The Wall Street Journal reported on Friday.
Most major American companies, including Meta, are incorporated in Delaware and have their corporate headquarters elsewhere. Reincorporating to Texas or another state would not mean Meta is moving its headquarters away from California, though the company did say it was moving its safety and moderation team to Texas earlier this year.
Many companies — most notably Elon Musk’s Tesla — have grown frustrated with the Delaware Court of Chancery, which some see as too friendly to shareholder lawsuits. In Musk’s case, a Delaware judge didn’t want to approve his $56 billion pay package.
Meta didn’t immediately respond to a request for comment. A spokesperson told the Journal that there are no plans to move the company’s headquarters away from California. (The Journal’s reporting was that it would look to reincorporate elsewhere, not that it would move its headquarters.)
Many companies — most notably Elon Musk’s Tesla — have grown frustrated with the Delaware Court of Chancery, which some see as too friendly to shareholder lawsuits. In Musk’s case, a Delaware judge didn’t want to approve his $56 billion pay package.
Meta didn’t immediately respond to a request for comment. A spokesperson told the Journal that there are no plans to move the company’s headquarters away from California. (The Journal’s reporting was that it would look to reincorporate elsewhere, not that it would move its headquarters.)
