Elon Musk travels from Silicon Valley to Texas. These millionaires and companies are joining him

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But that is likely to change. Perhaps the most important evidence for this is: the descendants of the company they founded, Hewlett Packard Enterprises (HPE), Moving its headquarters to Texas. Friday, another Silicon Valley highlights, Oracle (ORCL), Announced plans to join them, saying it would move its headquarters to Austin.
A string of high-tech investors and executives is also leaving San Francisco: Last week, Elon Musk said he sold his Bel Air homes earlier this year and moved to Texas.
People should expect such moves during epidemics when working from home anyway. Many technology companies claim that this gives employees the opportunity to work permanently from home even after the infection is over.

The relocation of corporate headquarters, corporate founders and big name VC investors points to the corporate diaspora in the technology sector – and some call it the “technological exit” from the Bay Area.

Elon Musk says he went to Texas

Some who have already left San Francisco have complained of mismanagement of the city and state. Although it is not clear what they mean, California has implemented restrictions related to the Govt-19, which has been criticized by some in the technology – especially musk – (while others in the industry do the opposite). Florida and Texas, in comparison, used slightly less stringent restrictions.

Silicon Fence also has a bad real estate price. California has the highest per capita income tax rate, compared to Florida and Texas.

Where are they going?

A technology company for Texas, and especially for Austin, is not going to collapse. The technology center, nicknamed “Silicon Hills”, already includes industry leaders Advanced Micro Devices (AMD), Dell (Dell) And others.
As of November, 39 companies – in technology and other industries – have moved to Austin so far this year, according to the Austin Chamber of Commerce. 8 of them are VC, a venture capital firm run by Fruit Co-founder Joe Londonstale. Tesla (DSLA) It is also building a 4 million-square-foot facility outside of Austin, which is expected to create 5,000 jobs, chamber records show.

Although it is not a technology company, e-cigarette maker Jules Lapes moved his corporate office from the Bay Area to Austin last year.

Laura Huffman, president and CEO of the Austin Chamber, said: “Companies are trying to relocate there, citing the region’s diverse and highly educated population, noting that 47% of the city’s working population has a bachelor’s degree, thanks to 25 colleges and universities in the region.

Oracle moves its headquarters to Austin

“I do not underestimate the importance of quality of life,” Huffman said. “There’s a lot about this community – it’s a great local taste, a great music scene, it’s an out-of-town. That’s where people want to be. I think 2020 has taught us all about more choices when it comes to where we live.”

Miami Mayor Francis Suarez also has the opportunity to attract more leading companies to the region.

Dalian Asparohov, Founder of the Peter Thiel Founders Fund and co-founder of Wardha Space Industries; Tweeted Earlier this month: “Okay guys listen to me, what if we move Silicon Valley to Miami?[?], “Suarez quickly Replied: “How can I help?”

On Monday, Suarez will hold a virtual circular discussion on how to nurture the city’s emerging technology scene.

“If you are interested in developing Miami’s reputation as an international technology / startup center and making Miami a city of the future, we’d love to hear from you,” Suarez said. Said on Twitter. “We will work together to promote innovation and promote entrepreneurship.”
At least one technology leader was in front of the curve to push Silicon Valley to the opposite shore – Reddit co-founder Alexis Ohanian Tweeted earlier this month He moved from San Francisco to Florida many years ago. (Then his fiance and now his wife Serena Williams lived there for many years).

“People [were] Shocked, “Ohanian said.” “But how do you do business from South Florida?” Three years later, my business career [is] Doing well … and [now there are] Each time another Silicon Fence administrator leaves for Miami. ”

New York-based Goldman Sachs is also reportedly looking to move some operations to Miami.

Who is leaving?

Here is a solution to some of the big names in technology who announced plans to leave the Bay Area for Texas this year:

  • Hewlett Packard Enterprises: The company announced plans to relocate its headquarters from San Jose to Texas earlier this month. Houston already has its largest employment center, and the company is building a new campus in the city.
  • Oracle: Oracle is moving its headquarters from Redwood, California to Austin, although it plans to maintain a presence in California. “We believe Oracle’s position is optimistic for the growth of these moves and will give our employees more flexibility about where and how they work,” spokeswoman Deborah Hellinger told CNN Business.
The company that actually started Silicon Valley is moving to Texas
  • Elon Musk: Tesla’s CEO announced his move from California to Texas during the Council’s annual summit last week with The Wall Street Journal’s CEO. He previously suggested on Twitter that Tesla relocate its headquarters to Texas – which has not yet happened, but the company is building a larger facility outside of Austin.
  • 8 VC: LondonSteel’s VC moves its headquarters from Silicon Valley to Austin. “It is clear that there are plenty of places to build across the country, not just Silicon Valley, but the cost of living, talent and all sorts of other things, culture and nothing,” Lonstell told Austin American Statesman last month.
  • Drew Houston: The Dropbox (TPX) The CEO bought a house in Austin and plans to turn it into his permanent home, The Information reported last month.
  • File Trail: A San Jose-based company moved to Austin in April before developing registration management software for law firms.
  • DJS Inc.: The telecommunications equipment company said in March that it would move its headquarters from Oakland, California to Plano, Texas, to create a new “engineering center” in the city.
  • Questionnaire: This online survey software company announced in January that it was moving from the Bay Area to Austin.

Here are a few who recently visited Florida:

  • David Plumberg: The San Francisco Business Times reported earlier this month that Plumberg Capital, founder and managing partner of start-up venture capital firm, has left the Bay Area for Miami. “We certainly hope and pray that California will take action to rectify the catastrophic self-inflicted political situation and restore its former glory and quality of life, but for now we are voting with our feet,” Plumberg said on Facebook. Times.
  • Keith Rabois: Rabois, a public partner at Founder Fund and a former executive at PayPal and LinkedIn, told a Fortune reporter last month that Bay Bay was leaving for Miami.
  • Joe Oringer: Shutterstock founder and CEO and former New York resident bought a $ 42 million mansion on Miami Beach in October, according to the South Florida Business Journal. Since then Oringer has evolved Barreto Holdings, Aimed at brooding and investing in startups at the Miami Technology Show.

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