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The Delaware 'Billionaire's Bill' That Just Passed Is Bad News for Everyone Who Isn't a Billionaire (gizmodo.com)

submitted 6 days ago by pelespirit to c/politics

2 comments fedilink hide all child comments

The drama behind the bill’s passage runs deep. For a very long time, Delaware has been home to a majority of American corporations due to its lenient business laws. Recently, the state’s status as the corporate capital of the country was threatened by pressures—from Musk, but also by other major companies and business personalities—to encourage businesses to leave the state. It appears that, in an effort to stop companies from fleeing, the state legislature has acquiesced to businesses’ priorities.

The bill would revoke disclosure requirements for shareholder requests for all kinds of company documents, records, and internal communications. All plaintiffs would be entitled to would be minutes from board meetings, which reveal very little. These alterations would make it almost impossible for shareholders to build any viable lawsuits that could even reach the discovery fact-finding stage of a court case.

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[–] ThePantser 14 points 6 days ago

Sounds like the rebellion should start in Delaware.

[–] lolrightythen@lemmy.world 4 points 6 days ago* (last edited 6 days ago)

Why trust your money with a billionaire? An easy question for me to ask - as I have none of my own.