(Reuters) -Meta Platforms is in discussions about moving its incorporation from Delaware to Texas or other states, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The social media giant has talked to Texas officials about the potential changes, WSJ said, adding that the discussions predate President Donald Trump's new administration. The paperwork change would not relocate its corporate headquarters.
A Meta (NASDAQ:META) spokesperson said that it does not plan on shifting its corporate headquarters out of Menlo Park, California, but declined to comment on reincorporation when contacted by Reuters.
Meta's possible move to Texas echoes Elon Musk's decision to reincorporate Tesla (NASDAQ:TSLA) and SpaceX to the Lone Star state. Musk's move to exit Delaware came after a court in the state ordered him to give up his $56 billion compensation package.
Texas is perceived by some businesses as having a more favorable legal and regulatory environment, particularly in areas such as taxation and corporate governance, which can be attractive to companies looking to cut costs and streamline operations.