Tesla’s Texas Move Is Latest Sign of California Losing Tech Grip
- High housing costs, taxes contribute to corporate departures
- Musk cites ‘limit to how big you can scale in the Bay Area’
This article is for subscribers only.
California Governor Gavin Newsom frequently touts that his state is the leader in cutting-edge manufacturing and green technology. Now one of the most recognizable companies in those fields is taking its headquarters elsewhere.
Tesla Inc.’s move from Silicon Valley to Texas marks the latest blow for California, the electric-car maker’s home since its founding 18 years ago. It joins companies including Oracle Corp., Hewlett Packard Enterprise Co. and Charles Schwab Corp. in relocating their corporate hubs to the cheaper and more tax-friendly Lone Star state in the past two years.