The database-software giant had been based in Silicon Valley since it was founded in 1977.
Big Tech is fleeing Silicon Valley for Texas
Database-software giant Oracle is moving its headquarters from California, to Austin, Texas. Oracle's move is the latest in a string of tech giants fleeing the San Francisco Bay Area for the Southern state, including Elon Musk and Dropbox CEO Drew Houston.
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Oracle is making the move to Texas
The tech industry has a long history in Austin, with IBM, Dell Technologies, and Samsung setting up shop in the city.
Who else has ditched Silicon Valley for texas?
The pandemic has shifted how many tech companies value in-office work, leading to an exodus from the Bay Area and a migration toward more affordable cities.
Why is "Silicon Hills" is so appealing to workers and companies?
In 1983, Austin won a national competition to host the country's first for-profit computer research consortium, providing a resource pool for the top tech companies in the US.
Business Insider crunched the numbers on which Texan cities are getting the biggest boosts from Americans moving in from other parts of the country. Austin-Round Rock came in at number one.
In June Business Insider ranked Texas as the best state in the US for entrepreneurs — the state added small businesses at a rate of 9.5% per year from 2016 to 2018.
The migration to Texas has appeared to grow more pronounced during the pandemic as people adapt to working remotely.
What does it all mean?
More departures could threaten Silicon Valley's tech dominance, but they could also herald in cheaper rents, making the area more attractive to newcomers and residents alike.
Tech elites are making moves out of San Francisco, as they rethink the area's costs, political climate, safety, and more.
The bottom line is that although Tesla has done a lot for the San Francisco Bay Area, Texas is a far better location for a new car factory — and Tesla is going to build one near Austin.
The move from California to Texas is convenient for Musk, who will now be close to the SpaceX and Tesla sites — but there's something else going on. Musk is getting a big tax break as he leaves California.