Lever Time
This State Is For Sale
Mar 28, 2025
Katya Schwenk and Luke Goldstein, reporters at The Lever, dive into Delaware's longstanding status as a corporate haven. They discuss the fierce competition it's facing from other states like Nevada and Texas, all while examining a controversial bill that could shield corporate executives from accountability. The conversation highlights the growing influence of oligarchs on legislation and the implications for democracy. Plus, they tackle how Elon Musk's actions could exacerbate the situation, making clear that Delaware's fate might affect everyone.
32:40
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Quick takeaways
- Delaware's corporate-friendly environment is threatened by competing states like Nevada, which are enacting laws to attract companies with reduced executive liability.
- The influence of corporate leaders on Delaware's legislation illustrates the growing tension between corporate interests and public accountability, impacting shareholder rights significantly.
Deep dives
Corporate Preferences and Legal Changes in Delaware
Delaware has been a favored state for Fortune 500 companies due to its corporate-friendly tax structure and judicial system, housing over 60% of such companies. However, recent events, including a Delaware judge blocking Elon Musk’s substantial pay package, have prompted discussions about the state’s corporate appeal. This situation has led to significant backlash from high-profile executives, influencing Delaware's legislature to consider new bills that might diminish legal accountability for corporate leaders. As states like Nevada and Texas compete for corporate incorporation, Delaware's historical advantage may be threatened, prompting the state to adapt its legal landscape.
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