Leave Delaware

Official Home of the DExit Movement. 🇺🇸 America’s business migration, tracked in real time. Companies, capital & talent leaving high-cost, high-risk states

[Leave Delaware @LeaveDelaware]

@Mont_Belvieu Just food for thought. A fair market is best for the American Businesses and people.

[Leave Delaware @LeaveDelaware]

🤨❓❓❔Who really runs America’s public companies: their boards or the lawyers threatening to sue them?

Nvidia’s board faced a serious decision. But did Delaware’s litigation environment influence its options?

12 public companies left Delaware in H1 2026.

At what point does litigation risk become an economic risk?

[Robert Anderson @ProfRobAnderson]

In this moment, it's worth pondering the broader economic consequences of the plaintiff lawyer capture of Delaware corporate law. It is possible (but by no means certain) that if Nvidia had been incorporated in a less litigious state than Delaware, the board *might* have seen a way to give Huang a path to redemption.

[Leave Delaware @LeaveDelaware]

@Jason @JensenHuang In your opinion, what would have changed if Nvidia was not incorporated in Delaware? Super interesting “hypothetical case study” @Jason @theallinpod @pmarca @ShaneGoodwin @benpedwards @TeslaBoomerMama @chamath @DavidSacks @elonmusk @altcap

[AleXandra Merz @TeslaBoomerMama]

@travisk @eladgil And move out of Delaware

[Leave Delaware @LeaveDelaware]

The board’s real exposure isn’t the decision to investigate or remove Jensen. It’s that the company is still in Delaware.

[AleXandra Merz @TeslaBoomerMama]

The main crime was to stay in Delaware.

[Gregg Lester @gregglester]

Veterans Day is a reminder that the freedoms and opportunities we enjoy aren’t guaranteed. They’ve been protected by generations of Americans willing to sacrifice more than most of us will ever be asked to.

To every veteran, thank you for your service, sacrifice, and commitment to this country. 🇺🇸

[AleXandra Merz @TeslaBoomerMama]

⚖️
DExit

How in the world can anyone still stay in Delaware?

How in the world do analysts not account for the fiduciary risk it represents to stay incorporated there?

The real cancer of the US business world.

@LeaveDelaware

[Leave Delaware @LeaveDelaware]

🚨 FOLLOWING DEPARTURE FROM DELAWARE, $45 BILLION IN MARKET VALUE ADDED.

On October 29, AppLovin ($APP) shareholders controlling 67% of voting power approved reincorporating the company from Delaware to Nevada.

Six trading sessions later:

• $APP: +53.5%
• S&P 500: -4.4%
• Shareholder value created: ~$45 billion
• Market capitalization: ~$130 billion

All during a turbulent week for U.S. equities.

AppLovin also delivered exceptional Q3 earnings: revenue increased 55% year-over-year to $2.18 billion, net income rose 72%, and adjusted EBITDA margins reached 84%.

Those fundamentals are an important driver of the rally. But the broader corporate governance question deserves attention.

When a company is generating billions in profits, investors have an enormous financial interest in the predictability of its legal environment, the protection of corporate decision-making, and the ability of management to execute without unnecessary litigation exposure.

AppLovin’s leadership has now chosen Nevada over Delaware.

Its shares have dramatically outperformed the market since that decision, although the move itself cannot be credited with causing the rally.

The significance extends beyond one stock.

For decades, Delaware’s dominance in corporate incorporation was treated as virtually unquestionable. Today, major public companies are increasingly willing to reconsider that assumption.

The question is no longer simply why companies are leaving Delaware.

It’s whether Delaware can afford to keep losing them.

[Leave Delaware @LeaveDelaware]

🚨 NEW SEC FILING: $91 BILLION APPLOVIN APPROVES EXIT FROM DELAWARE TO NEVADA.

AI advertising giant AppLovin ($APP) disclosed November 4 that CEO Adam Foroughi and other shareholders controlling approximately 67% of voting power approved reincorporation in Nevada by written consent on October 29.

The decision was made without a shareholder meeting. AppLovin, valued at approximately $91 billion at Wednesday's close, plans to complete the move no earlier than 20 days after mailing its SEC information statement.

SEC: https://t.co/VLhZci8xcA⁠

[Leave Delaware @LeaveDelaware]

VIRTU FINANCIAL ($VIRT) IS THE LATEST COMPANY TO APPROVE LEAVING DELAWARE.

The publicly traded trading firm disclosed today that its board and controlling shareholder approved reincorporation in Texas, citing greater legal certainty, reduced litigation exposure and its Texas operations.

The broader trend is becoming difficult to ignore.

In just the past 60 days:

• DoorDash → Nevada
• AerSale → Texas
• Outdoor Holding → Texas
• Cemtrex → Nevada
• NextNRG → Nevada
• Capstone → Nevada
• LandBridge → Texas
• Arrive AI → Nevada
• Spruce Power → Texas

All nine completed their departures.

Meanwhile, AppLovin, Virtu Financial, Natural Grocers and Flyte Aviation secured shareholder approval to leave.

Atlas Energy, Willis Lease, Solidion, Texas Pacific Land and several others have also advanced formal departure proposals.

At least 21 publicly traded companies have had active or completed Delaware-exit developments in the past 60 days.

Texas and Nevada aren’t just competing for Delaware corporations anymore. They’re winning them.

SEC: https://t.co/dTvTG4gDpc

[Robert Anderson @ProfRobAnderson]

Delaware Departure: Virtu Financial, an $8 billion market cap company, just announced it’s reincorporating out of Delaware and into Texas. Delaware’s departures are not stopping.

[Leave Delaware @LeaveDelaware]

🚨 NEW SEC FILING: $91 BILLION APPLOVIN APPROVES EXIT FROM DELAWARE TO NEVADA.

AI advertising giant AppLovin ($APP) disclosed November 4 that CEO Adam Foroughi and other shareholders controlling approximately 67% of voting power approved reincorporation in Nevada by written consent on October 29.

The decision was made without a shareholder meeting. AppLovin, valued at approximately $91 billion at Wednesday's close, plans to complete the move no earlier than 20 days after mailing its SEC information statement.

SEC: https://t.co/VLhZci8xcA⁠

[Leave Delaware @LeaveDelaware]

WILLIS LEASE FINANCE SEEKS TO EXIT DELAWARE …PROJECTING NEARLY $254,000 IN ANNUAL SAVINGS.

Nasdaq-listed $WLFC's board unanimously approved Nevada reincorporation October 26, following an independent special-committee review.
Willis Lease disclosed approximately $255,490 in Delaware franchise taxes and fees for 2025, versus projected Nevada annual fees of $1,725.
The board also cited more predictable corporate law and reduced opportunistic litigation.

BOARD-APPROVED → NEVADA. December 15 shareholder vote.

SEC: https://t.co/YlHHUOJTDg⁠

[Leave Delaware @LeaveDelaware]

TEXAS PACIFIC LAND WANTS OUT OF DELAWARE … PROJECTS AT LEAST $200,000 IN ANNUAL SAVINGS.

Texas Pacific Land ($TPL) is asking shareholders to approve reincorporation from Delaware to Texas on November 5.
The company owns approximately 894,000 acres in Texas and says it has no meaningful connection to Delaware beyond its corporate charter.
Its board cites Texas's new Business Court, greater legal predictability and approximately $200,000 in annual Delaware franchise taxes.

If approved, the move is expected to become effective November 17.

BOARD-APPROVED → TEXAS. NOT YET COMPLETED.

SEC: https://t.co/2PK2vEp93V⁠

[Leave Delaware @LeaveDelaware]

🚨 NEW: $25 BILLION TEXAS PACIFIC LAND URGES SHAREHOLDERS TO APPROVE ITS DELAWARE EXIT.

Texas Pacific Land ($TPL) sent shareholders a new letter on October 23, urging them to approve reincorporation in Texas at the November 5 meeting.

The company owns approximately 894,000 acres in Texas and projects at least $200,000 in annual savings. Its board also cites Texas’s business courts and more predictable corporate laws.

Stage: PROPOSED | Destination: Texas.

https://t.co/gXlbd4stJU

[Leave Delaware @LeaveDelaware]

OUTDOOR HOLDING LEFT DELAWARE FOR TEXAS : CITING NEARLY $190,000 IN FRANCHISE TAXES.

Nasdaq-listed Outdoor Holding Company ($POWW), operator of GunBroker, completed its Texas conversion.
The board cited approximately $189,875 in Delaware franchise taxes, a more predictable legal framework and alignment with its planned Dallas headquarters relocation.
Shareholders approved the move.

COMPLETED → TEXAS. Historical departure.

SEC: https://t.co/wCH6wPNriU⁠

[Leave Delaware @LeaveDelaware]

🚨 SEN. TED CRUZ TARGETS ISS AND GLASS LEWIS OVER THEIR OPPOSITION TO COMPANIES MOVING TO TEXAS.

Senate Commerce Chairman Ted Cruz has sent letters questioning whether the two influential proxy advisory firms allowed political considerations to influence their recommendations against corporate relocations to Texas.
According to Bloomberg Law's October 28 report, Cruz is also raising potential federal antitrust and consumer protection concerns.

The allegations have not been established. But the scrutiny puts the role of proxy advisers in corporate reincorporation votes directly in Congress's sights.

[Leave Delaware @LeaveDelaware]

Two years ago, Leave Delaware started with a simple idea: American companies should not treat one state’s legal system as an unquestioned default.

Since then, the conversation has changed dramatically.

Major public companies have left Delaware. Texas and Nevada have become serious competitors for corporate domiciles. Delaware has rewritten significant parts of its corporate law. Founders, boards, investors, lawyers and policymakers are now openly debating questions that were barely asked a few years ago.

Corporate law determines who controls companies, how boards make decisions, how founders are treated, how shareholders can sue, how much litigation costs, and how confidently businesses can invest for the long term. Those rules shape where capital goes, where companies grow and, ultimately, how competitive the United States remains.

Competition between states is healthy. No jurisdiction should be entitled to permanent dominance simply because “that’s how it has always been done.”

We’re grateful to everyone who has followed, shared, argued with, challenged and contributed to this effort. The next phase can be much bigger, and we want more people involved.

We’re looking for exceptional people who can help with social media, original content, data, legal research, white papers and deeper analysis.

We’re also looking for people willing to fund the work. Serious research, distribution and advocacy require resources. If you believe corporate-law competition matters, we want to hear from you.

And the easiest way to help costs nothing: follow @leavedelaware and share our work. Every founder, investor, lawyer and policymaker who sees this debate makes the market for corporate law more competitive.

If you have talent, capital or reach and want to help build the next phase of Leave Delaware, DM us.

We’re still early.

[Leave Delaware @LeaveDelaware]

🚨 NEW: TAOWEAVE WANTS OUT OF DELAWARE …. AND SAYS THE MOVE COULD SAVE UP TO $200,000 A YEAR.

TaoWeave ($TWAV) filed a new SEC proxy on October 23 asking shareholders to approve reincorporation in Nevada.

The company estimates annual savings of approximately $125,000–$200,000 from eliminating Delaware franchise taxes. Nevada’s recurring state fees would be roughly $900.

Shareholders vote December 17.

Stage: PROPOSED → Nevada.

https://t.co/3lZMYean89

[Leave Delaware @LeaveDelaware]

🚨 NEW: $25 BILLION TEXAS PACIFIC LAND URGES SHAREHOLDERS TO APPROVE ITS DELAWARE EXIT.

Texas Pacific Land ($TPL) sent shareholders a new letter on October 23, urging them to approve reincorporation in Texas at the November 5 meeting.

The company owns approximately 894,000 acres in Texas and projects at least $200,000 in annual savings. Its board also cites Texas’s business courts and more predictable corporate laws.

Stage: PROPOSED | Destination: Texas.

https://t.co/gXlbd4stJU

[Leave Delaware @LeaveDelaware]

🚨 ARCBEST HAS LEFT DELAWARE FOR TEXAS … BUT EXPLICITLY REJECTED TEXAS’S 3% SHAREHOLDER-LAWSUIT THRESHOLD.

ArcBest’s board criticized Delaware’s increasingly litigious environment and argued that Texas offers clearer statutory protections for directors and officers.

But the company specifically opted out of a Texas provision allowing corporations to impose a 3% ownership threshold on certain derivative lawsuits.

ArcBest also cited its substantial Texas operations, including 17 facilities and its Dallas distribution center.

[Leave Delaware @LeaveDelaware]

🚨 SOFTBANK’S OPENAI- AND NVIDIA-BACKED AI INFRASTRUCTURE COMPANY LEFT DELAWARE FOR TEXAS BEFORE GOING PUBLIC.

SB Energy’s SEC registration statement reveals that its predecessor, SE Global Holdings, completed its conversion from a Delaware corporation to a Texas corporation on August 28, 2026.

Three days later, it adopted the SB Energy name.

The company is pursuing a Nasdaq IPO under SBE, with SoftBank as its controlling shareholder and OpenAI and NVIDIA as strategic investors.

Its prospectus discloses approximately $439 billion in contracted backlog and 8.8 gigawatts of contracted or under-construction data-center capacity.

The Texas reincorporation is already complete. The IPO remains separate from that completed legal move.

[Leave Delaware @LeaveDelaware]

🚨 SOLID-STATE BATTERY COMPANY SOLIDION WANTS TO LEAVE DELAWARE … AND SAYS THE MOVE COULD SAVE $200,000 ANNUALLY.

Nasdaq-listed Solidion Technology is asking shareholders to approve reincorporation in Texas at its November 18 annual meeting.

Its board identifies Delaware franchise-tax savings as a critical motivation.

Solidion paid approximately $78,000 in Delaware franchise taxes for its most recent annual period but expects its next annual obligation could reach $200,000.

The Dallas-headquartered company also cites Texas’s business environment and the advantages of aligning its corporate domicile with its headquarters.

The proposal requires approval from holders of two-thirds of outstanding shares.

Status: Proposed; shareholder vote scheduled for November 18, 2026.