Smart money can be stuck and stuck to California.
Oracle is joining Tesla and Hewlett Packard in moving to Texas, detailing the move in a filing with the Securities and Exchange Commission on Friday night.
|ORCL||CORPORATION ORACLE||60,61||+1,13||+ 1,90%|
“Oracle is implementing a more flexible employee workplace policy and has changed its headquarters from Redwood City, California to Austin, Texas. We believe these changes best position Oracle for growth and give our staff more flexibility on where and how they work. Depending on their role, this means that many of our employees can choose their office location and continue to work from home on a part-time or full-time basis. In addition, we will continue to support major Oracle hubs around the world, including those located in the United States like Redwood City, Austin, Santa Monica, Seattle, Denver, Orlando and Burlington, among others, and we plan to add more sites over time. By implementing a more modern approach to work, we hope to improve the quality of life and the quality of production of our employees, ”notes the SEC file.
While remotely operated moving signals are here to stay, it also indicates that more businesses could be disappointed with California.
Oracle CEO Larry Ellison is Tesla’s second individual shareholder behind CEO Elon Musk and sits on the board of directors of the electric vehicle maker. Last summer, Tesla chose Austin for its new plant, after considering other cities including Tusla, Oklahoma.
AUSTIN, TEXAS WINS NEW TESLA PLANT
Earlier this week, Musk criticized California for leading a corporate exodus, comparing the state to a sports team used to winning and become complacent.
California, as a winning sports team that has “long won,” has taken the innovators for granted, Musk said, adding, “You have a redwood forest and little trees cannot grow. ”
Musk made the comments in an interview with the Wall Street Journal published Tuesday. In the interview, Musk revealed that he personally moved to Texas after becoming frustrated with the Golden State.
HEWLETT PACKARD LEAVES CALIFORNIA FOR TEXAS AT JUMP HEADQUARTERS
Earlier this month, Hewlett Packard also announced the relocation of its corporate headquarters to Houston.
|HPE||ENTREPRISE HEWLETT PACKARD ENTERPRISE||11,99||-0,13||-1,07%|
“HPE made the decision to move its headquarters from San Jose, California, to Houston, Texas. HPE’s largest employment center in the United States, Houston is an attractive market for recruiting and retaining diverse future talent, and it’s where the company is building a new, state-of-the-art campus. The Bay Area will continue to be a strategic hub for HPE innovation, and the company will consolidate a number of Bay Area locations at its San Jose campus. No layoff is associated with this move. ”
Courtesy: Hewlett Packard Enterprise
Texas Governor Abbott celebrated the move in a Tweet welcoming HPE in the “Lone Star State!” ”