I own some Oracle stock (ORCL)...Smart move. Oracle Corp., a Silicon Valley stalwart, has moved its headquarters to Texas, becoming the latest technology company to leave its home state in the face of California’s higher taxes, steeper cost of living and a broader shift to remote work. The move to Austin from Redwood City “means that many of our employees can choose their office location as well as continue to work from home part time or all of the time,” Oracle said Friday in a regulatory filing. The company will continue to support its former headquarters and other U.S. offices in Santa Monica, California; Seattle; Denver; Orlando, Florida; and Burlington, Massachusetts, according to the filing. The software maker said it had 135,000 employees as of the end of May. Like many other companies, the spread of coronavirus has prompted Oracle to offer staffers more flexible arrangements, including the ability to work from home. It’s just one of a number of companies, executives and employees that are ditching California because of concerns over the state’s tax rates and high costs, as well as arduous commutes in some locales. Oracle’s shift of resources away from California dates at least to 2018, led by Executive Chairman Larry Ellison and the late co-Chief Executive Officer Mark Hurd. That year, Oracle opened a campus in Austin, featuring an on-site apartment building for employees, in an effort to recruit a younger and less costly workforce. The campus could eventually host 10,000 staffers, Oracle said at the time. The company also said last year that its largest annual conference, OpenWorld, would depart its traditional home, San Francisco, in favor of Las Vegas. The world’s second-largest software maker had grown increasingly out of step with its home state. Ellison, the 11th wealthiest person in the world, and Chief Executive Officer Safra Catz have been major supporters of outgoing Republican President Donald Trump, who lost reliably Democratic California in his re-election bid this year. The company has also become a sharp critic of the internet companies that now define the modern Silicon Valley, particularly its longtime foe Google, owned by Alphabet Inc. Texas Governor Greg Abbott welcomed Oracle in a tweet reacting to the news. The move comes amid Oracle’s drive to shed costs during a transition from traditional software to cloud computing, which has resulted in declining revenue for two fiscal years. The company said Thursday it expects sales to grow 2% to 4% in the period that ends in February, which puts Oracle on track to snap that downward streak and increase revenue in the current fiscal year. Another link...This was 2019, more have left. https://www.southstarcommunities.com/blog/companies-leave-california-bound-for-texas
The problem with the flight from California and the Northeast is the idiots who are fleeing democrat shit holes move and continue to vote for the same democrat policies!
Yup! Another case of taxes have consequences. Although to be fair, California has done more to drive away wealth than just taxes alone. Start talking about a retroactive wealth tax as CA did a few months ago. They might as well buy billboards telling wealthy and anyone who thinks they might one day be wealthy not to even think of coming there. I kinda wonder if part of the reason Texas sued the SCOTUS recently was to signal to all the leftists considering moving there to go somewhere else.
If you are following the demographic and voting changes in Texas, then you realize that in 10 years or less Texas will have Democratic Party leadership instead. Kind of like how Georgia just now is beginning that change visibly with the slim win for Biden.
Texas wants all the rich folks: liberal or conservative. Some politicians may not want rich liberals moving in because it might affect their re-election chances.
The employees at Oracle are in for some serious culture shock, so are the locals in Austin they encounter.
I doubt it in Austin. Austin is already a major tech hub. Probably fourth behind Silicon Valley, Boston, and Seattle.
Based on demographics, but more importantly culture, the whole nation will go left / socialist / communist over the next few decades. Those in power seem to want this. Maybe Musk thinking about Mars isn't so crazy afterall.
stop with the labels. No serious person wants pure socialism and definitely pure communism. a lot of people want to see gay rights, women’s rights, and greater equality of opportunity. Are those socialist ideas? further, if America wasn’t fundamentally progress leaning we’d still be sitting with a king as our leader. Many people tried for that during this election, but fortunately they lost.