Mollie Engelhart, owner of Sage Regenerative Kitchen & Brewery, talks about the costs of doing business in California on Cavuto: Coast to Coast.
Billionaire entrepreneur Elon Musk SpaceX and SpaceX announced on Tuesday that they would be relocating their headquarters from California to Texas, the latest high-profile example of companies relocating to the Lone Star State in search of a more favorable business environment.
Musk announced the move after a new California law banned schools from informing parents about their children’s gender identity, and said other state policies were aimed at “attacking both families and businesses,” calling the move a “final blow.” Cosmos’ headquarters will move from San Francisco to Austin, while SpaceX’s headquarters will move from Hawthorne, California, to Starbase, Texas.
Texas Governor Greg AbbottJohn F. Kennedy, a Republican serving his third term as Texas governor, posted that the move “cement[s]Texas as a leader in space exploration,” adding that “Texas will be home to business.”
During Governor Abbott’s tenure, a flood of companies relocated their headquarters to the state, which has no personal or corporate income taxes and boasts business-friendly regulations.
Elon Musk announces SpaceX will move headquarters from California to Texas in response to new gender identity laws
Elon Musk announced that SpaceX will be moving its headquarters from California to Texas. (Photo by SUZANNE CORDEIRO/AFP via Getty Images / Getty Images)
Here are some notable companies that have relocated their headquarters. Headquartered in Texas in recent years:
2023
Investment Advisory Firm Fisher Investments The company moved its headquarters from Camas, Washington, to Plano, Texas, after the Washington State Supreme Court ruled in favor of the state’s capital gains tax.
“Out of respect for the Washington State Supreme Court’s wisdom and knowledge of the law, and in consideration of what the Court will do next, Fisher Investments will be relocating its headquarters from Washington State to Texas, effective immediately,” the company said in a statement announcing the move in March 2023.
Top 5 Best States for Business in 2024
2022
Heavy equipment manufacturer Caterpillar The company announced that it will relocate its global headquarters from Deerfield, Illinois to Irving, Texas in June 2022.
Caterpillar said the move was in its “best strategic interest” and noted that it has had a Texas presence since the 1960s, but that Illinois was home to the largest concentration of Caterpillar employees at the time.
Texas Governor Greg Abbott has touted the state’s business-friendly policies in luring new companies to the state. (Photographer: Jordan Vonderhaar/Bloomberg via Getty Images/Getty Images)
| Ticker | safety | 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 has announced he will be moving the electric car maker’s headquarters from Palo Alto, California. Austin, Texas.
“There’s a limit to how big you can get in the Bay Area,” Musk said at the time. Tesla’s Move The comments came after Alameda County’s attempt to block Tesla’s Fremont factory from reopening in 2020 amid the coronavirus pandemic was the “final straw,” and he said he would “immediately” move Tesla’s headquarters to Texas or Nevada.
Musk moved the headquarters of his Musk Foundation to Texas in 2020, and plans to subsequently move The Boring Company’s headquarters there in 2022.
‘We’re not dead yet’: Baby boomers bring big bucks to America’s fastest-growing city
Austin, Texas, will become X’s headquarters, with Musk’s Tesla based in the fast-growing city. (iStock/iStock)
2020
Software giant Oracle The company said it would move its global headquarters from Redwood City, California, to Austin as it implemented “more flexible employee location policies.” The move “best positions Oracle for growth and gives employees more flexibility in where and how they work.” Oracle announced plans to move its global headquarters to Nashville this year, but its Austin facility will remain its U.S. headquarters.
Hewlett Packard Enterprise The company announced the relocation from San Jose, California to Spring, Texas, citing “cost savings opportunities and team members’ aspirations for the future of their jobs.”
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Orks | Oracle Corporation | 139.26 | -3.35 | -2.35% |
| Hewlett-Packard | Hewlett Packard Enterprise Co., Ltd. | 20.81 | -0.62 | -2.89% |
| Shu | Charles Schwab Co. | 63.83 | -3.59 | -5.32% |
Click here to get FOX Business on the go
2019
Charles Schwab is headquartered in San Francisco The company moved 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 affect most jobs in the Bay Area.
