Why some tech companies and billionaires are leaving California

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While it might be an exaggeration to say that California is hemorrhaging people, some of the state’s big businesses and wealthier residents are moving to states like Texas, Arizona, and Florida. In 2020, Oracle, Palantir and Hewlett Packard Enterprise were among the companies that announced they were moving their headquarters out of the Golden State. Wealthy people in the tech industry who have recently moved include Larry Ellison, Drawn Houston, Joe lonsdale and Elon musk, currently on the richest man in the world.

California population and job growth have both slow motion to a trickle, with many concerns about high taxes, cost of living, and heavy regulations. With the rise of remote work in 2020, more than 135,000 more people left California than they did – the third-largest net migration loss on record for the state. Although some big names to have committed to stay, a recent poll found that two in three Bay Area workers would leave the area permanently if they could continue working from home indefinitely. Drop box, Twitter, and Facebook are among the Bay Area companies that have already offered permanent remote work to most employees.

Watch the video to find out the reasons for the exodus, what’s at stake if it continues to accelerate, and how experts say California should make people stay.




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