Recalling 2021’s “Exoduses”: Noteworthy companies that abandoned the Golden State in 2021
Commentator Brandon Ristoff reviews high points in California Policy Center’s 2021 “Book of Exoduses.” Notably, $1 trillion-valued Tesla’s headquarters transferred to Texas, along with data center firm Digital Realty Trust and myriad other organizations. What eminent companies will break free from California’s talons in 2022, and will our lawmakers embrace deregulation to bring them back?
Another year in the books and unlike the pandemic, the California Exodus shows no signs of slowing down.
In February, we started the California Book of Exoduses, a – mostly – comprehensive list of all the notable names that took their lives and companies to other states. Just this last year provided an unfortunate 51 entries….
Even large tech companies weren’t immune to the harsh business climate. Stitch Fix, while they still are based in San Francisco, laid off 1,400 stylists in California and shut down their South San Francisco distribution warehouse.
Digital Realty Trust, the multi-billion dollar data center firm, also moved to Texas, with the CEO noting Texas’ affordable cost of living and business-friendly climate.
The California Exodus of the Year- Tesla
But if this exodus had a figurehead, it would be Elon Musk, Time’s Person of the Year for 2021. Fittingly, he also moved Tesla, the sixth largest company on the planet, to Austin, just a year after he moved himself. Tesla is currently the sixth largest company by market capitalization in the world, which makes it the largest company ever to move its headquarters out of California. The innovative Silicon Valley company influenced the 2010s and the electric car industries, so its departure will surely be noticed.
This article originally appeared in the California Policy Center. Read the whole thing here.
This article is part of an exclusive Opp Now series on California’s outmigration crisis:
SVBJ reporters Mark Calvey and Allison Levitsky dissect why companies are leaving the Bay Area, and how to slow the exodus.
Political commentator Joel Fox says Gov. Gavin Newsom must address the “tidal wave” of Californians moving to Texas for tax, business, and legal benefits, by correcting flawed legislation.
The PRI’s Kerry Jackson explains how the Silicon Valley has become a challenging place to do business.
The HJTA’s yearly “Follow the Money” report catalogues state mismanagement of taxpayer money. 2021’s report details key examples of corrupt bureaucratic spending, all closely intertwined with SF Bay Area exoduses.
Brandon Ristoff from CPC purports that “The Exodus” began plaguing our state long before COVID-19 did—due to residents’ taxes and housing expenses.
Lee E. Ohanian traces recent mass business departures to California’s imprudent economic policies.
Adam Ozimek and Connor O’Brien’s Economic Innovation Group report discusses how local family outmigration has reached historic highs.
Front Page Magazine’s Larry Sand discusses the Golden State exoduses en masse.
Follow Opportunity Now on Twitter @svopportunity