“After Musk: Facebook’s parent company negotiates reincorporation outside Delaware – FTMeta is in talks to re-register outside of Delaware, possibly in Texas. The company is also planning to relocate its trust and security staff from California to Texas as part of a content moderation review.”, — write: unn.ua
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The social media group is considering moving to another state, such as Texas, but has not yet decided on a location, a person familiar with the matter said.
The talks came after Meta CEO Mark Zuckerberg announced earlier this month that the company would move its trust and security staff from California to Texas as part of a major overhaul of its approach to content moderation toward “free speech.
Zuckerberg said at the time that the move would help the company “build the trust to do this work in places that are less concerned about the bias of our teams.
Meta has faced accusations from US President Donald Trump and his allies that it censors conservatives and employs liberal employees, but has recently tried to win favor with the new administration, the newspaper writes.
Meta declined to comment on the possible move. However, the group said it has no plans to move its corporate headquarters out of California.
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Last year, billionaire Elon Musk won shareholder support to re-register electric car maker Tesla in Texas, leaving Delaware after a lawsuit aimed at blocking his huge pay package was dismissed twice by the state’s corporate court.
Musk, the richest man in the world, also re-registered his social platform X from Delaware to Texas.
Delaware has faced difficulties in resolving disputes with companies with dominant shareholders or dual-class shares. The state’s corporate law imposes higher standards of due diligence on these so-called controlled companies.
Separately, on Friday, Dropbox, a cloud storage provider, said its shareholders approved re-registering to Nevada from Delaware. The change was made in part due to the increasingly contentious environment in Delaware, according to a Dropbox regulatory filing.
In November, The Trade Desk, an online marketing company, announced that its shareholders had approved re-registration to Nevada from Delaware.