If you own a Fortune 500 business, you probably incorporated it in Delaware. The state has long been favored by corporate America, offering tax benefits and a bespoke, pre-Revolutionary War court system tailored to business needs. But now Delaware’s standing as the country’s top corporate haven is under attack.

This week on Lever Time, senior podcast producer Arjun Singh sits down with The Lever’s Katya Schwenk and Luke Goldstein to learn why the tiny East Coast state has been the United States’ corporate haven for decades. But there’s more to the story. Why are other states now battling to seize its title — and how does it impact the rest of us? And finally, how is  Elon Musk making everything worse?

Lever reporting explains why Delaware is ground zero in the national oligarch takeover and why what happens in Delaware doesn’t stay in Delaware. It means corporate deregulation from coast to coast.