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Die Oracle Corporation (NYSE: ORCL) has joined the list of tech companies headquartered outside of California, Bloomberg reported.
What happened
The computer technology giant announced Friday that it has relocated its headquarters from Silicon Valley to Austin, Texas.
“Oracle is introducing a more flexible employee location policy and has relocated its headquarters from Redwood City, California to Austin, Texas. We believe that these steps position Oracle best for growth and give our employees more flexibility in terms of their place of work and the way they work, ”CNBC quoted the company spokesman as saying.
Oracle believes that adopting a “more modern approach to work” will improve the quality of life for employees and the way they work. Other offices in California, Massachusetts, Denver, Orlando, Seattle, and Florida, among others, will continue operations, according to Oracle’s official filing.
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Why it matters
Technology company, including automaker Tesla Inc (NASDAQ: TSLA) and technology pioneer HP Inc (NYSE: HPQ), are Fled California in the middle of the pandemic. “This has become an absolute tidal wave,” said Texas Governor Greg Abbott. “They are looking for a state that gives them the independence, the autonomy and the freedom to set their own course”.
He emphasized lower costs of doing business and fewer taxes. “I’ve called CEOs across the country weekly, and it’s not just California. We are working on a broad front because the times of COVID have revealed a lot. They revealed … that you don’t have to be in Manhattan to be in the trading or investing business, for example.
Price action
Oracle shares stagnated in Friday’s after-hours trading, falling 0.017% to close at $ 60.60.
Buy, hold or sell Oracle?
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