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Bill Ackman is moving his management company out of Delaware and reincorporating it in Nevada.
Ackman said, “We are reincorporating our management company in Nevada for the same reason. Top law firms are recommending Nevada and Texas over Delaware.”
DropBox recently made a similar move.
Bill Ackman, the billionaire CEO of Pershing Square Capital Management, says he will move his management company out of Delaware to reincorporate in Nevada.
His announcement, which came in a post on X on Saturday morning, was in response to news that DropBox was making a similar move. “We are reincorporating our management company in Nevada for the same reason. Top law firms are recommending Nevada and Texas over Delaware,” Ackman said.
Pershing Square Capital Management declined to comment further.
Elon Musk previously moved his company from Delaware to Nevada after a Democrat judge blocked his shareholder-approved Tesla compensation package.
Musk said, “Never incorporate your company in the state of Delaware.”
And Coinbase chief legal officer Paul Grewal warned on X that “Delaware is at serious risk of losing its standing as the leading state of incorporation for American companies.”
Once corporate-friendly Delaware has become an activist, DEI state in recent years with once nonpartial judges using their gavel to penalize Big Business and political conservatives.
After seeing a Democrat judge move to block his shareholder-approved Tesla compensation package of $56 billion, Musk moved Tesla and SpaceX’s incorporation to Texas. His biotech company Neuralink was moved from Delaware to Nevada.
On X, Musk stated, “Never incorporate your company in the state of Delaware.”