The proposed legislation has been labeled the "the billionaire's bill" by critics, which include attorneys for shareholders and managers of pension funds. The annual process to amend Delaware's corporate law rarely attracts attention but this year has been marked by high-profile opposition ads showing Elon Musk waving a chainsaw.

Delaware Gov. Matt Meyer swiftly signed a bill reworking provisions in Delaware's corporate code after the state House of Representatives signed off.

Despite some fierce public opposition to the bill nationwide, it easily passed both chambers of the General Assembly and was signed into law.