Elon Musk and a few other millionaires, saying goodbye to Silicon Valley

Elon Musk and a few other millionaires, saying goodbye to Silicon Valley
Elon Musk, Tesla's CEO, Source: Web

Silicon Valley has been considered as one of the major pillars of the tech industry for a couple of decades, beginning in 1938 when David Packard and Bill Hewlett began tinkering in the Palo Alto garage.

But it could be changing, and maybe most prominent evidence of this happening is that a company’s descendant will shift its main headquarters to Texas. The story doesn’t end here because another longtime devoted ally of Silicon Valley, Oracle, declared its strategies to join them. Moreover, it said that the company will move its main headquarters to Austin.

A series of prominent technology investors and executives are shifting from San Francisco. Besides this, the leading tech investor, Elon Musk, described that he has shifted to Texas when he will sell his Bel Air homes prior this year.

The shifting is expected during the pandemic

These actions are to be anticipated during the pandemic Coronavirus, when most of the people across the world are working from their homes. Many tech giants have explained that they will give workers the choice to permanently work from their homes, even the pandemic ends.

Although the transfer of company headquarters, big-name VC investors and founders of the company signals to the firm diaspora of the technology market. Someone even called it a ‘tech exodus’ from the Bay Area.

Elon Musk and a few other millionaires, saying goodbye to Silicon Valley
Oracle’s headquarters,
Source: Web

Some of the firms who previously shifted from San Francisco have mentioned the mismanagement of the city. Silicon Valley even acquires significantly high real estate charges and California acquires very high personal income tariff rate, but on the other hand, Texas and Florida both have no high-income taxes.

The tech giant shifting to Texas and particularly to Austin (Texas Capital), is barely innovative. The center pillar of tech, known as ‘Silicon Hills,’ is already home for dominant leaders including Dell, AMD (Advanced Micro Devices) and a few others.

Five-thousand new jobs are expected by Tesla

The Austin Chamber of Commerce’s data suggested that thus far this year, around thirty-nine firms, including tech giants and also other industries had shifted to Austin.  Moreover, the Chamber’s data also showed that Tesla (automaker) is also developing a four million sq foot facility just outside the Austin city, which is likely to offer five-thousand jobs.

The previous year, e-cigarette manufacturer (even it is not a tech company), Juul Labs shifted its headquarters from the Bay Area to Austin, Texas.