Trump Media and Technology Group, Truth Social’s parent company, announced Thursday that it has moved its incorporation to Florida, becoming the latest firm to leave the popular corporate home of Delaware.
The move was approved by Trump Media’s shareholders at its annual meeting Wednesday, according to a press release.
“We’re thrilled to reincorporate our Company in Florida,” Trump Media CEO and Chair Devin Nunes said in a statement. “With its pro-business orientation and respect for the rule of law, Florida is a great place for Trump Media to officially call home.”
Several other companies have opted to reincorporate outside of Delaware in recent years. Most notably, tech billionaire and close Trump ally Elon Musk moved his companies out of the state after clashing with a judge over his multibillion-dollar Tesla pay package.
Musk reincorporated Tesla and SpaceX in Texas while moving Neuralink to Nevada. He had previously moved the incorporation for both his social platform X and his tunneling firm, the Boring Company, to Nevada in 2023.
He has also encouraged other companies to move, saying last February, “If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.”
Delaware state lawmakers passed changes to corporate law earlier this year amid growing concerns about the number of companies exiting the state.
“Delaware is the best place in the world to incorporate your business, and Senate Bill 21 will help keep it that way, ensuring clarity and predictability, balancing the interests of stockholders and corporate boards,” Gov. Matt Meyer (D) said in late March, when he signed the bill into law.
