Why Elon Musk is breaking up with Delaware
Behind the Money
Topher Forhecz
4.4 • 350 Ratings
🗓️ 14 February 2024
⏱️ 17 minutes
🧾️ Download transcript
Summary
A Delaware court recently struck down Elon Musk’s $56 billion Tesla pay package. Soon after, Musk took to his social network X and offered some advice: “Never incorporate your company in the state of Delaware.” But will anyone take it? The FT’s Wall Street editor Sujeet Indap explains how Delaware became the favourite place for big companies to incorporate and why that’s unlikely to change.
Clips from BBC, WFAA
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For further reading:
Can Elon Musk derail Delaware?
Texas is throwing down a legal challenge to Delaware
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On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Transcript
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| 0:29.9 | If you wrote down the names of all the publicly traded companies that are part of the Fortune 500, cut them up and threw them into a hat. |
| 0:40.0 | Chances are, if you pulled one out, that company would be incorporated in the second smallest |
| 0:45.2 | state in America. |
| 0:46.2 | I'm talking about Delaware. |
| 0:49.3 | Of the 470 public companies in the Fortune 500. |
| 0:53.4 | More than 300 of them are incorporated in Delaware |
| 0:56.4 | and the likes of Disney or Amazon or Google, |
| 1:00.9 | Microsoft. |
| 1:02.0 | That's the FT's Wall Street editor, so Jit Indap. |
... |
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