It is a long held opinion that supersized voting rights in excess of economic interests is a terrible idea. New proposed Delaware rules will make this easier to accomplish.

Interestingly, what is driving this is competition. Why would I, the GOAT, register in Delaware with its pesky rules when I can incorporate in Texas. Or Nevada. Or Gstaad. Isn’t what is good for Elon good enough for me?

On the margin, not good.