Legislation opponents have dubbed the "billionaire's bill" is now headed to the Delaware Senate. Here's the debate around it.

Amy L. Simmerman, Partner at Wilson Sonsini, listens as lawmakers in Delaware's Senate Judiciary Committee debate changes to Delaware's corporate law at Legislative Hall in Dover, Wednesday, March 12, 2025. The Delaware's corporate law is the code that sets corporate governance for many of the nation's largest companies.

Delaware and Texas face off over corporate law reforms, influenced by Elon Musk, raising shareholder concerns and changing business dynamics.

Senate Bill 21, in its current form, defines what a controlling shareholder is within a Delaware registered company – and codifies various levels of scrutiny that constrains those controllers’ actions within the company.