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.

A year after Elon Musk urged U.S. companies to abandon Delaware as their legal home and follow Tesla to Texas, legislators in the two states on Wednesday considered bills in an unusual battle over corporate law that critics say benefits powerful shareholders.