Elon Musk Says Delaware Is "Bleeding Companies" As Coinbase Moves To Texas

Coinbase Global Inc. (NASDAQ:COIN) announced plans on Wednesday to leave Delaware and reincorporate in Texas, sparking sharp reactions from tech and finance leaders.

Coinbase Exits Delaware For Texas

Chief Legal Officer Paul Grewal said the move "was not made lightly," describing it as a step to protect customers, employees, and shareholders.

He said the company wants a fairer, more predictable business environment and credited Texas for offering a "builder-friendly" legal framework.

CEO Brian Armstrong praised the state's economic policies, calling Texas a natural fit for Coinbase's mission to increase financial freedom.

He thanked Governor Greg Abbott...