For a West Coast-based CEO like Musk – who has faced a slew of shareholder lawsuits, and found little luck contesting his overpriced Twitter deal in Delaware Chancery Court – the move to Nevada cou…
could add fuel to a growing trend: companies ditching the First State for the Silver State to seek a friendlier jurisdiction from investor lawsuits and cheaper fees.
Musk won the suit this year, but he likely spent hundreds of hours in deposition, preparing to testify and traveling to Delaware for the suit. The attorney behind the class-action suit recently announced he was challenging the ruling and seeking to re-open the litigation. Musk has yet to signal whether Tesla or SpaceX, which are both incorporated in California, will follow Twitter to Nevada.
Language and translation services company TransPerfect — which faced protracted litigation in Delaware — was one of the first companies to announce a move to Nevada in 2018, which it referred to as “Dexit,” a cheeky play on Brexit. DraftKings Inc. also moved from Delaware to Nevada when it merged with Diamond Eagle Acquisition Corp. in a SPAC.
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