US companies are moving south

Goodbye, California

Tesla boss Elon Musk moves the company headquarters to Austin, Texas.

(Photo: AP)

New York In the middle of Texas, Elon Musk announced his departure from Silicon Valley on Friday. In Austin, where Tesla is already building a large plant, the electrical pioneer announced to investors that the headquarters would be relocated to the Texan city. Musk had previously threatened to move out of California. But now he’s getting serious.

Tesla is not alone in its decision. Many US companies have been moving away from the east and west coasts to the south of the country for some time. Oracle, Hewlett Packard Enterprise or even the hedge funds Elliott and Charles Schwab – they are all drawn to the southern states. Just this week, star investor Cathie Wood from Ark Invest announced her move from Manhattan to Florida.

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