President Donald Trump’s media company has become the latest to leave behind incorporation in Delaware, fleeing the left-leaning Blue State for the more “pro-business” climate of Florida.
Trump Media & Technology Group (TMTG), which offers the digital platform Truth Social, officially moved to Florida, a company filing Wednesday with the Securities and Exchange Commission showed.
The small state of Delaware, with little more than 1 million people, derives more than one-third of its state budget from corporate legal fees.
But the state’s judicial system appears often to be war with big business and conservative companies.
“We’re thrilled to reincorporate our Company in Florida. With its pro-business orientation and respect for the rule of law, Florida is a great place for Trump Media to officially call home,” Trump Media CEO and Chairman Devin Nunes said in a statement
Florida Attorney General James Uthmeier welcomed the news.
“As Delaware becomes the home of corporate lawfare by woke activists, @realDonaldTrump knows that Florida is where woke goes to die, free speech thrives, and businesses can get back to the business of doing business,” he posted on X Wednesday.
TMTG joins many other high-profile companies that have recently bolted from Delaware.
Billionaire Elon Musk added fuel to corporate criticisms of Delaware’s judicial system when he moved multiple companies including Tesla, SpaceX, and Neuralink after a judge with the Delaware Court of Chancery nullified his $56 billion Tesla compensation package.
“Never incorporate your company in the state of Delaware,” Musk posted on X after the court’s ruling.
Though approved by shareholders twice, Musk’s package was rejected twice by Democrat Chancery Court Judge Kathleen McCormick, who implied the compensation was too rich.
McCormick did, however, award the law firm that challenged the package close to $350 million for its legal filings.
Other Delaware critics point to a court action forcing Fox News into paying a staggering $787 million settlement with a voting machine company over its reporting relating to the 2020 election.
Viet Dinh, Fox’s then chief legal officer, commented that Delaware court rulings forcing the company into settlement “called into question the fundamental fairness and integrity of the Delaware civil justice system.”
Pershing Square Capital Management, online retailer Mercado Libre, Roblox, Tripadvisor, Affirm, AMC cable networks, Madison Square Garden, and Dropbox are among companies that have followed Musk getting out of Delaware, as has the nation’s largest shopping mall owner, Simon Property Group.
It was reported last month that Walmart, Meta (Facebook), and other blue-chip companies are considering leaving Delaware as its location of incorporation.
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