Sage Regenerative Kitchen & Brewery owner Mollie Engelhart discusses the costs of doing business in California on Cavuto: Coast to Coast.
Billionaire entrepreneur Elon Musk Tuesday’s announcement that it will move SpaceX and X-Men headquarters from California to Texas is the latest example of businesses moving to the Lone Star State for a better business climate.
Musk announced the move in response to California’s new law that bars schools from telling parents about their children’s gender identity, calling it a “breaking point” following other state policies that Musk said were aimed at “attacking families and businesses.” X’s headquarters will move from San Francisco to Austin, while SpaceX’s headquarters will move from Hawthorne, California, to Starbase, Texas.
Texas Governor Greg Abbotta Republican in his third term as the state’s governor, wrote in a post that the move “solidifies Texas as a leader in space exploration” and added separately that “TeXas is headquarters for business.”
Abbott’s tenure as governor has seen an influx of companies moving their headquarters to the state, which has no personal or corporate income taxes and has touted business-friendly regulations.
ELON MUSK ANNOUNCES X AND SPACEX HQ WILL MOVE FROM CALIFORNIA TO TEXAS AFTER NEW GENDER IDENTITY LAW
Elon Musk announced that X and SpaceX will move their corporate headquarters from California to Texas. (Photo by SUZANNE CORDEIRO/AFP via Getty Images / Getty Images)
Here are some well-known companies that have relocated their headquarters. Headquartered in Texas in recent years:
Year 2023
Investment advisory firm Fisher Investments moved its headquarters from Camas, Washington, to Plano, Texas, following a Washington State Supreme Court decision upholding the state’s capital gains tax.
“Out of respect for the Washington State Supreme Court’s wisdom and knowledge of the law, and in recognition of whatever it may do next, Fisher Investments is immediately moving its headquarters from Washington state to Texas,” the company said in a statement announcing the move in March 2023.
THESE ARE THE 5 BEST BUSINESS COUNTRIES IN 2024
Year 2022
Heavy equipment manufacturer Caterpillar announced it will move its world headquarters from Deerfield, Illinois, to Irving, Texas in June 2022.
Caterpillar said the move was in the company’s “best strategic interests” and noted that the company had been present in Texas since the 1960s, while Illinois remained Caterpillar’s largest employee concentration at the time.
Texas Governor Greg Abbott has praised Texas’ business-friendly policies in attracting new businesses to the Lone Star State. (Photographer: Jordan Vonderhaar/Bloomberg via Getty Images / Getty Images)
| Heart | Security | Final | Change | Change % |
|---|---|---|---|---|
| English: TSLA | TESLA INC. | 248.50 | -8.06 | -3.14% |
| CAT | CATERPILLAR INC. | 357.80 | -2.78 | -0.77% |
Year 2021
Tesla CEO Elon Musk is moving his electric vehicle maker’s headquarters from Palo Alto, California, to Austin, Texas.
Musk said at the time there was “a limit to how much you can grow in the Bay Area.” Tesla’s move comes after he said Alameda County’s attempt to block the automaker from reopening its Fremont facility in 2020 amid the COVID pandemic was a “breaking point” and he would move Tesla’s headquarters to Texas or Nevada “very soon.”
Musk previously moved the Musk Foundation’s headquarters to Texas in 2020, and then moved The Boring Company’s headquarters to Texas in 2022.
BABY BOOMERS BRING MONEY TO AMERICA’S FASTEST-GROWING CITY: ‘WE’RE NOT DEAD’
Austin, Texas, will now serve as X’s headquarters, joining Musk’s Tesla in the fast-growing city. (Photo: iStock)
Year 2020
Software giant Oracle Oracle Corp. announced it would move its world headquarters from Redwood City, California, to Austin as it implements a “more flexible employee work location policy” and said the move “better positions Oracle for growth and gives our people more flexibility about where and how they work.” This year, Oracle announced plans to move its world headquarters to Nashville, with the Austin facility remaining as the location of its U.S. headquarters.
Hewlett Packard Enterprise announced a move from San Jose, California, to Spring, Texas, citing the company’s “cost savings opportunities, and team members’ preferences about the future of work.”
| Heart | Security | Final | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 139.26 | -3.35 | -2.35% |
| HPE | HEWLETT PACKARD ENTERPRISE CO. | 20.81 | -0.62 | -2.89% |
| SCHW | CHARLES SCHWAB COMPANY | 63.83 | -3.59 | -5.32% |
GET FOX BUSINESS ANYWHERE BY CLICKING HERE
Year 2019
Charles Schwab announced it will move its headquarters from San Francisco to Westlake, Texas, after acquiring TD Ameritrade. The company was founded in San Francisco and indicated at the time that it did not anticipate the move would impact most of its Bay Area positions.
