Dell Technologies Inc (NYSE:DELL) CEO Michael Dell said Thursday the company will officially make Texas its legal home after shareholders overwhelmingly approved the move, drawing a one-word endorsement from Elon Musk.

Shareholders Back Texas Move

Michael Dell said 97% of shareholders voted to redomicile the company to Texas, calling the state “home.” He founded the company in Austin in 1984.

“This is home and where we’ve always belonged,” Dell said in a post on X.

Musk responded to the post with a single word, “Texas.”

From Delaware To Texas

Dell shareholders approved moving the company’s state of incorporation from Delaware to Texas, a change the board said in May better aligns its legal home with its longtime headquarters and largest U.S. employee base.

The company added that the change will not affect its operations, strategy, management or employee locations.

CEO of Texas Stock Exchange Group James H. Lee, in a LinkedIn post, called the vote another sign of companies shifting their legal domicile to Texas.

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Texas Draws More Giants

Dell joins a growing number of technology companies that have shifted their legal homes to Texas, including Tesla Inc (NASDAQ:TSLA), which reincorporated in the state after moving its headquarters there following disputes over corporate governance in Delaware in 2024.

Brian Armstrong-led Coinbase Global Inc (NASDAQ:COIN) followed suit in November, announcing plans to reincorporate from Delaware to Texas.

In March, Exxon Mobil Corp (NYSE:XOM) laid out plans to move its legal headquarters 144 years from New Jersey to Texas.

Texas has increasingly attracted technology companies because of its business-friendly regulatory environment, favorable tax structure and large engineering talent pool.

Trading metrics

Dell has a current market capitalization of about 264.6 billion and has gained 220.38% so far this year and 225.01% over the past 52 weeks.

Price Action: Shares of Dell closed 5.67% lower on Thursday at $409.45, and fell further 0.84% in extended trading.

Benzinga edge rankings indicate DELL has a Momentum score in the 98th percentile and a Growth score in the 61st percentile.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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