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Elon Musk has been pushing hard for companies to exit Delaware and reincorporate elsewhere, following the lead of his companies Tesla and SpaceX. Coinbase became the latest to take the leap, announcing this week that it was moving its state of incorporation to Texas from Delaware.

Despite Musk's proclamation that "Delaware continues to bleed companies," those departing the state make up a distinct minority.

According to the Delaware secretary of state's office, only 28 companies have deincorporated from the state this year. Meanwhile, as of the end of September, 249,214 new entities were formed in Delaware this year, an increase of 14% from the same period in 2025, the data show.

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