Not surprising, and I expect more of this in the decade to come. It feels like we’re finally seeing companies begin to draw lines in the sand on where their interests actually lay: power (which Texas grants in spades), profit (which Delaware has historically protected), or values (in which case they would incorporate/move to a place that aligns with said values - of which vanishingly few companies do). If anything, i…
This is a move from Delaware (not California) to Texas. It is probably more about shareholder rights and corporate governance, nothing to do with your standard political values.
Texas allows SpaceX to illegally disrupt 5 endangered wildlife reserves, ignore rocket launch regulations, and illegally block roads, so perhaps that is some of the appeal. Last year the Texas government decided they can do basically whatever they feel like without any checks to their authority in other regards, so if Greg Abbott is personally telling billionaires he will protect their interests, I honestly believe h…
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> Let the people vote with their feet.
And if they have 3 feet because they grew up near Love Canal: they can vote with their feet 50% faster! How great is that!
I can't imagine what it's like at Meta right now, with the CEO publicly stating that they're firing the bottom 5% of performers and then a week later stating that the LLMs that his researchers / engineers are working on will soon be able to replace them. Zuck needs Yann LeCun and other senior researchers at Meta a lot more than they need him. If they were to quit there would be a line out the door to hand them as muc…
I can't imagine what it's like at Meta right now, with the CEO publicly stating that they're firing the bottom 5% of performers and then a week later stating that the LLMs that his researchers / engineers are working on will soon be able to replace them. Zuck needs Yann LeCun and other senior researchers at Meta a lot more than they need him. If they were to quit there would be a line out the door to hand them as muc…
> a week later stating that the LLMs that his researchers / engineers are working on will soon be able to replace them.
This is a pessimistic interpretation of Mark's words that has been trumpeted in the media. Which I am appalled to admit.
He said that they anticipate the majority of new code to come from AI models rather than human engineers. He then adds that they expect developers to be augmented by these tools. Which tracks as you still need somebody to drive the AI and validate or correct their outputs.
A lot of SV companies keep moving or talking about moving to Texas but is Texas really that billionaire friendly? Reuters says it is "perceived by some.." but is it?
Texas allows SpaceX to illegally disrupt 5 endangered wildlife reserves, ignore rocket launch regulations, and illegally block roads, so perhaps that is some of the appeal. Last year the Texas government decided they can do basically whatever they feel like without any checks to their authority in other regards, so if Greg Abbott is personally telling billionaires he will protect their interests, I honestly believe h…
Not surprising, and I expect more of this in the decade to come. It feels like we’re finally seeing companies begin to draw lines in the sand on where their interests actually lay: power (which Texas grants in spades), profit (which Delaware has historically protected), or values (in which case they would incorporate/move to a place that aligns with said values - of which vanishingly few companies do). If anything, i…
There's definitely an "investor beware" signal here, especially with companies like Meta that have dual-class share structures (or Tesla, which Musk has unwarranted direct control over and which he has expressed his desire to convert it to a dual-class structure). Texas isn't exactly the extreme "YOLO your fiduciary duties" wild west that, say, Nevada is, but when a company signals that they don't want the stability,…
Also, speaking of Musk, note that for all his fits of pique over losing in chancery court over his attempt to wriggle out of a terrible contract that he wrote (Twitter) and a pay package that was rubber-stamped by a conflicted-controller BoD, he also notched some notable wins on some non-slam-dunk cases there, such as upholding Tesla's acquisition of his cousins' failing company SolarCity.
Not surprising, and I expect more of this in the decade to come. It feels like we’re finally seeing companies begin to draw lines in the sand on where their interests actually lay: power (which Texas grants in spades), profit (which Delaware has historically protected), or values (in which case they would incorporate/move to a place that aligns with said values - of which vanishingly few companies do). If anything, i…
This is a move from Delaware (not California) to Texas. It is probably more about shareholder rights and corporate governance, nothing to do with your standard political values.
The comment acknowledges this. As they say a move from Delaware to Texas signals something, it signals that the company goes not particularly care about shareholder protections or governance. It implies that the leadership of the company is more interested in not being constrained than in serving their shareholders.