1srelluc
Diamond Member
A tsunami of corporate departures continues to hit Delaware as more than 60 public companies with a combined market cap of over $3 trillion have quit the state in the past two years alone.
In just the past week, two significant public companies — FirstCash Holdings and GPGI Inc. — have announced plans to leave Delaware, underscoring what many analysts now describe as a corporate exodus.
FirstCash Holdings (NASDAQ: FCFS), a $9 billion market cap company, filed plans with shareholders to reincorporate in Texas.
The move, the company said, is driven by a desire for "more clarity and predictability" in legal matters, along with efforts to reduce "opportunistic and frivolous litigation."
Shortly after, GPGI Inc. — formerly CompoSecure and valued at about $5 billion on the NYSE — announced it would leave Delaware for Nevada, citing the state's "costly and often meritless litigation" environment as a primary factor.
These announcements are part of a much larger trend as companies may capsize the tiny, ultra-liberal state that had been known for proudly backing its senator Joe Biden for president, and declared itself among the biggest proponents of diversity, equity, and inclusion programs.
Among those leaving are some of the most recognizable names in corporate America, including Tesla, SpaceX, Coinbase, Roblox, Dropbox, Dillard's, and Simon Property Group.
In March, Exxon Mobil — one of the largest publicly traded companies in the world, with a market cap of more than $600 billion — announced plans to move its incorporation from New Jersey to Texas.
Notably, the company considered Delaware but ultimately rejected it, unanimously voting in favor of Texas.
Go woke, go broke rears it's head again.
DE has to be one of the most depressing states I've ever visited....They even messed-up the surf fishing.
