Mark Zuckerberg · Elon Musk · Tesla · CNBC Technology
Elon Musk billionaires bill supporters draw progressive challengers in Delaware
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A progressive wing of the Democratic Party in Delaware is endorsing primary opponents to six incumbent Democratic state lawmakers who pushed for a change to the state's corporate law that benefits executives and billionaires, including Elon Musk and Mark Zuckerberg, who have faced shareholder litigation in the state.
Key facts
- The Delaware Working Families Party told CNBC exclusively that it is endorsing six Democratic candidates in primaries against fellow Democratic incumbents who supported SB 21
- Musk, whose record $56 billion pay package was in legal limbo in Delaware, relocated Tesla's incorporation out of state during the spat
- The measure became law in 2025 and was dubbed the "billionaires bill" by opponents
- The Working Families Party, prominent in New York politics and expanding in other states, said the endorsements are part of its effort to move Delaware "more in the direction of working class people
Summary
The Delaware Working Families Party told CNBC exclusively that it is endorsing six Democratic candidates in primaries against fellow Democratic incumbents who supported SB 21. Before the bill became law, many institutional investors, legal scholars and shareholders' attorneys opposed it, arguing it would harm minority shareholders and allow boards and executives to make decisions based on their own interests rather than for the broader investor base. Musk, whose record $56 billion pay package was in legal limbo in Delaware, relocated Tesla's incorporation out of state during the spat.