(Bloomberg) -- Meta Platforms Inc. is discussing reincorporating its business outside of Delaware, where the company has been legally incorporated since its founding in 2004, according to a person familiar with the conversations.
Meta executives are considering multiple states for a possible reincorporation, said the person, who spoke on the condition of anonymity to discuss non-public information. One of the states being considered is Texas, according to The Wall Street Journal, which first reported the news. Meta has two data centers in Texas and recently announced that it was moving some of its content moderation work to the state.
Meta has no plans to move its corporate headquarters out of California, a company spokesperson said, declining to comment further.
As of Friday afternoon, Meta had not filed any paperwork with the Secretary of State’s office in Texas. A spokesperson for the governor did not immediately respond to a request for comment.
The vast majority of major US companies are incorporated in Delaware, although Elon Musk shifted Tesla Inc.’s incorporation to Texas following a shareholder vote in June. He also announced plans to move the headquarters for his social media network X and his rocket company, Space Exploration Technologies Corp., to Texas. Musk also moved the incorporation of his brain implant company Neuralink Corp. from Delaware to Nevada. Travel review and booking site TripAdvisor Inc. also reincorporated in Nevada last year.
Musk made the Tesla decision after a Delaware judge voided his roughly $56 billion compensation package, the largest ever given to a US corporate executive.
Meta has also had run-ins with Delaware judges in the past. The company is being sued over its handling of the Cambridge Analytica privacy scandal, where Chief Executive Officer Mark Zuckerberg has been fighting with the court about whether he needs to provide a full deposition, and for how long. The company is also fighting a human trafficking lawsuit in Delaware Chancery Court.
If Meta does choose to reincorporate, it should be an easier process than what Musk had to go through: Zuckerberg has voting control at Meta through a dual-class stock structure that gives him super voting shares.
--With assistance from Jef Feeley.
(Updates with TripAdvisor, Meta legal issues in Delaware starting in paragraph 7)
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