Companies Are Fleeing California. Blame Bad Government.
Silicon Valley remains the world’s preeminent tech hub. But that won’t last if lawmakers there keep antagonizing businesses.
Fun while it lasted.
Photographer: David Paul Morris/Bloomberg
Amid raging wildfires, rolling blackouts and a worsening coronavirus outbreak, it has not been a great year for California. Unfortunately, the state is also reeling from a manmade disaster: an exodus of thriving companies to other states.
In just the past few months, Hewlett Packard Enterprise Co. said it was leaving for Houston. Oracle Corp. said it would decamp for Austin. Palantir Technologies Inc., Charles Schwab Corp. and McKesson Corp. are all bound for greener pastures. No less an information-age avatar than Elon Musk has had enough. He thinks regulators have grown “complacent” and “entitled” about the state’s world-class tech companies.