Why some tech companies and billionaires are leaving California

Whereas it could be an overstatement to say California is hemorrhaging folks, a number of the state’s main firms and wealthiest residents are leaving for states like Texas, Arizona and Florida. In 2020, Oracle, Palantir and Hewlett-Packard Enterprise had been among the many firms that introduced they’re relocating their headquarters out of the Golden State. Rich people from the tech trade transferring lately embrace Larry Ellison, Drew Houston, Joe Lonsdale and Elon Musk, at the moment the world’s richest man.

California’s population and job growth have each slowed to a trickle, with many citing issues about excessive taxes, value of residing and heavy rules. With the rise of distant work in 2020, over 135,000 more people left California than moved in — the third largest net migration loss ever recorded for the state. Though some big names have committed to stay, one recent survey discovered that two of each three Bay Space employees would depart the world completely if they may proceed to earn a living from home indefinitely. Dropbox, Twitter, and Facebook are among the many Bay Space firms which have already supplied everlasting distant work to most staff.

Watch the video to study the explanations behind the exodus, what’s at stake if it continues to speed up, and the way consultants say California ought to entice folks to remain.


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