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Billionaire entrepreneur Elon Musk’s Tuesday’s announcement that he will move SpaceX and X’s headquarters from California to Texas is the latest high-profile example of companies relocating to the Lone Star State for a more favorable business climate.
Musk announced the move in response to a new California law that bans schools from informing parents about their children’s gender identity. Musk called it the “last straw” after several state policies that he said are aimed at “attacking both families and businesses.” X’s headquarters are moving from San Francisco to Austin, while SpaceX’s headquarters are moving from Hawthorne, California, to Starbase, Texas.
Texas Governor Greg AbbottA Republican serving his third term as the state’s governor wrote in a message that the move “confirms Texas as a leader in space exploration,” adding separately that “Texas is the headquarters for business.”
Abbott’s tenure as governor has seen an influx of companies moving their headquarters to the state. The state has no personal or corporate income tax and touts its business-friendly regulations.
ELON MUSK ANNOUNCES X, SPACEX HEADQUARTERS MOVING FROM CALIFORNIA TO TEXAS AFTER NEW GENDER IDENTITY LAW
Elon Musk announced that X and SpaceX are moving their headquarters from California to Texas. (Photo by SUZANNE CORDEIRO/AFP via Getty Images/Getty Images)
Here’s a look at some of the notable companies that have relocated their locations headquarters to Texas during the past years:
2023
Investment Advisory Firm Fisher Investments moved its headquarters from Camas, Washington, to Plano, Texas, after the Washington State Supreme Court upheld the state’s capital gains tax.
“In honor of the Washington State Supreme Court’s wisdom and knowledge of the law, and in recognition of whatever the court may do in the future, Fisher Investments is immediately relocating its headquarters from Washington state to Texas,” the company said in a statement announcing the move in March 2023.
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2022
Heavy equipment manufacturer Caterpillar announced it would move its headquarters from Deerfield, Illinois, to Irving, Texas in June 2022.
Caterpillar said the move was in the company’s “strategic interest,” noting that the company had had a presence in Texas since the 1960s, while Illinois had the largest concentration of Caterpillar employees at the time.
Texas Governor Greg Abbott has praised Texas’ business-friendly policies to attract new businesses to the Lone Star State. (Photographer: Jordan Vonderhaar/Bloomberg via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 248.50 | -8.06 | -3.14% |
| CAT | CATERPILLAR INC. | 357.80 | -2.78 | -0.77% |
2021
Tesla CEO Elon Musk moved the electric vehicle maker’s headquarters from Palo Alto, California, to Austin, Texas.
Musk said at the time that there is “a limit to how big you can get in the Bay Area.” Tesla’s move came after he said Alameda County’s efforts to block the automaker from reopening its Fremont facility in 2020 due to the COVID pandemic were the “last straw” and that he would move Tesla’s headquarters to Texas or Nevada “immediately.”
Musk moved the Musk Foundation’s headquarters to Texas in 2020 and is expected to move The Boring Company’s headquarters to Texas in 2022.
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Austin, Texas, will now serve as X’s headquarters, joining Musk’s Tesla in the fast-growing city. (iStock / iStock)
2020
Software giant Oracle announced that it would move its headquarters from Redwood City, California, to Austin as it implemented “more flexible employee workplace policies.” Oracle said the moves are “the best way to grow Oracle and provide our workforce with more flexibility in where and how they work.” This year, Oracle announced plans to move its headquarters to Nashville, with the Austin location remaining a U.S. headquarters.
Hewlett Packard Enterprise announced a move from San Jose, California, to Spring, Texas, citing “opportunities for cost savings and team member preferences about the future of work.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 139.26 | -3.35 | -2.35% |
| HPE | HEWLETT PACKARD ENTERPRISE CO. | 20.81 | -0.62 | -2.89% |
| SCHW | THE CHARLES SCHWAB CORP. | 63.83 | -3.59 | -5.32% |
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2019
Charles Schwab has announced that it will move its headquarters from San Francisco to Westlake, Texas, following its acquisition of TD Ameritrade. The company was founded in San Francisco and said at the time that it did not expect the move to impact the vast majority of its Bay Area functions.