Legislation opponents have dubbed the "billionaire's bill" is now headed to the Delaware Senate. Here's the debate around it.

Supporters of the legislation said during the hearing that the bill is needed to quell concerns from corporations and avoid a hit to the state's largest source of revenue.

Delaware and Texas face off over corporate law reforms, influenced by Elon Musk, raising shareholder concerns and changing business dynamics.

Senate Bill 21, in its current form, defines what a controlling shareholder is within a Delaware registered company – and codifies various levels of scrutiny that constrains those controllers’ actions within the company.