Millionaires and companies are leaving Silicon Valley for Texas

A tech company decamping to Texas is hardly groundbreaking. The Austin tech hub, nicknamed “Silicon Hills,” is already home to industry leaders including Advanced Micro Devices, Dell and others. As of November, 39 companies in tech and other industries relocated to Austin so far this year, according to the local chamber of commerce.

Elon Musk is building a four million square foot Tesla facility just outside Austin that’s expected to create 5,000 jobs, the chamber’s records show. And though it’s not a tech firm, e-cigarette maker Juul Labs moved its corporate office from the Bay Area to Austin last year.

Some who have already left San Francisco complained of mismanagement of the city and state. California has implemented Covid-19 related restrictions that some in tech — particularly Musk — were critical of.

Silicon Valley also has notoriously high real estate prices. And California has a high personal income tax rate, while Texas has none.

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