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Elon Musk Relocates from Bel-Air to Austin

New York (CNN Business) - Silicon Valley has been the epicenter of the tech industry for decades, starting in 1938 when Bill Hewlett and David Packard started tinkering in a Palo Alto garage.

But that may be changing. Perhaps the most striking evidence of that: A descendant of the company they founded, Hewlett Packard Enterprise (HPE), will move its headquarters to Texas. On Friday, another longtime Silicon Valley stalwart, Oracle (ORCL), announced plans to join them, saying it will relocate its headquarters to Austin.

A string of high profile tech investors and executives are leaving San Francisco, too: Last week, Elon Musk said he has moved to Texas after selling his Bel Air homes earlier this year.

Such moves are to be expected during the pandemic, when people are working from home anyway. Several tech firms have said they'll give employees the option to permanently work from home even after the pandemic ends.

But the relocation of corporate headquarters, company founders and big-name VC investors points to a corporate diaspora of the tech industry — and what some have called a "tech exodus" from the Bay Area.

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Article via CNN Business

Clare Duffy - December 14, 2020

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