‘Super Fan’ Musk’s eyes’ Texas change for $ 110 million Mercadolibre

Market Inc., the most valuable company in Latin America, asks shareholders to approve a plan to move their home to Texas from Delaware in the middle of a wave of companies that reconsider the long -term corporate refuge after a public outbreak between a judge and Elon Musk.

The planned “redevelopment” is among the articles that Mercadolibre shareholders are planned to vote during the annual meeting of June 17, according to a presentation earlier this month.

Mercadolibre, an e -commerce and fintech commerce with $ 21 billion last year, operates in Latin America with a single compliance center in Texas opened last year to send mainly goods to Mexico. While its headquarters are in Montevideo, Uruguay, Delaware has been his legal address and his place of incorporation since 1999.

“This potential change aims to unify our presence in the United States, after the opening of our first distribution center in Texas,” a Mercadolibre spokesman said in a statement. “This change will have no impact on our operations or growth plans.”

Musk, the richest man in the world, had a public shoulder with Delaware and his corporate laws after a judge demolished his massive Tesla Inc. Payment Package This led to a decision for him to move his companies to Texas and Nevada.

The co -founder and CEO of Mercadolibre, Marcos GalperininterviewWith the newspaperThe nation. Argentine citizen, Galperin is a supporter of President Javier Milei, who presses less supervision and more personal freedom for people and less bureaucratic for companies.

Galperin, 53, has seen his net value jumped by $ 23% this year to $ 9.8 billion, according to the Bloomberg Bloemgg Index.

“Less predictable”

Mercadolibre said in the presentation that he had no operations in Delaware and that the state was chosen only due to its legal framework, “which we no longer believe that it is more suitable for the needs of the company”.

The transfer to Texas would allow the company to save on franchise tax rates – which amounted to $ 250,000 in the latest period – at the same time allowing for “greater flexibility for strategic corporate actions”, according to the presentation. Delaware’s law, although developed more, may be “indeterminate” and “it can be less predictable to an innovative company like Mercadolibre”.

After a X Account calledLeave DelawarePublished on April 18 on Mercadolibre’s planned movement, Musk commented: “At this time, any lawyer who recommends incorporating Delaware committing a bad practice.”

The Delaware’s low movement movement has aWebsiteThis says that it is “dedicated to shining what we perceive as corruption, bias and overload within the Delaware Chancellery Court.” His account X has 88,500 followers.

A spokesman for the Governor of Delaware, who has been managing answers on this subject, did not immediately respond to a comment request.

Meta Platforms Inc. is studying several states for a possible reinstatement, Bloomberg News informed Earlier this year. Downfall Inc. He moves his legal home to Nevada, according to a presentation to the United States Securities and Values ​​Commission, while Bill Ackman said on February 1 to X that his Square Cover Fund sign was also a reinstatement Your management company in Nevada.

Mercadolibre, which has been publicly marketed since 2007 and has a market value of more than $ 110 million, layout Hiring another 28,000 people this year throughout Latin America and investing more than $ 13 billion. Their shares have increased by 29% this year.

This story originally presented to Fortune.com