(Reuters) – U.S. President Donald Trump’s Trump Media & Technology Group said on Friday it will propose reincorporating the company in Florida at its annual meeting in late April.
“We look forward to uniting our legal home with our physical home as we explore possibilities for mergers, acquisitions, partnerships, and other growth,” said CEO Devin Nunes.
Nunes added that the company is committed to Florida, which “shows tremendous respect for free enterprise.”
The proposal comes as several companies, including Dropbox and Bill Ackman’s management company, have recently said they were moving or considering moving their incorporation out of Delaware.
The Wall Street Journal reported in late January that social media giant Meta Platforms is in discussions about moving its incorporation from Delaware to Texas or other states. Elon Musk’s Tesla and SpaceX moved their state of incorporation to Texas from Delaware after a Chancery judge last year ordered Musk’s $56 billion pay package from Tesla to be rescinded. For Trump Media, a Delaware judge had ruled in September that the company breached an agreement with Orlando’s ARC Global and the fund must receive more than half a million additional shares before a lock-up on insider sales expires.
(Reporting by Juby Babu in Mexico City; Editing by Alan Barona)
Comments