With the Pandemic Silicon Valley Loses Altitude Texas Rises
Silicon Valley is losing charm. The pandemic and remote working, fires in California and chaotic life are pushing some of the high-profile managers of the major tech industry hub, like Tesla boss Elon Musk and Oracle founder Larry Ellison, to leave.
And some companies are packing up and relocating their locations too, including Oracle and Hewlett Packard Enterprise, both headed to Texas. But, experts warn, companies are taking the lead in smart working to meet more favorable tax policies.
Elon Musk, after a political diatribe on whether or not to keep his factories open with the pressure of the coronavirus, has left California for Texas: in Austin, a new Tesla car plant will soon be built, the first in the United States outside California, his other colossus, the SpaceX aerospace exploration group, has a base in Boca Chica.
Also in the capital of Texas is headed by Joe Lonsdale, co-founder of the data analysis company Palantir. Founded in 1977 in Silicon Valley, Oracle also recently moved to Texas, while its founder, Larry Ellison, will be doing luxury teleworking on the Hawaiian island of Lanai he bought eight years ago. Pure HPE, a spin-off of the historic California-based Hewlett-Packard company, is moving to Houston. While internet companies Brex, Dropbox and Splunk remain in the tech hub, while their respective bosses have left the San Francisco area.