Q: Why are companies moving their headquarters out of Silicon Valley to Texas?
Some of the prominent Silicon Valley’s companies include Oracle, Hewlett Packard Enterprises and Palantir Technologies. Many of the high tech executives also moved out of California. Tesla and SpaceX chief Elon Musk also moved to Texas, though his companies still maintain their major operations in California.
KEY POINTS
– Companies are implementing flexible employee work location policy, a more modern approach to further improve employees’ quality of life and quality of output. Several tech firms have said they’ll give employees the option to permanently work from home even after the pandemic ends.
– The coronavirus pandemic has given a number of tech companies an excuse to exit Silicon Valley.
– Silicon Valley also has notoriously high real estate prices. And California has a high personal income tax rate, while Florida and Texas have none
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