Computer software company Oracle announced Friday that it will move its headquarters from Redwood City, California, to Austin, Texas.
Just days prior, the CEO of Tesla, headquartered in nearby Palo Alto, California, announced he had moved to Austin.
Oracle, worth more than $180 billion, plans to keep offices in the Bay Area and will allow its employees to decide where they want to work, The Associated Press reported. Among the options is the ability to continue working remotely.
“We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work,” the company said.
Texas Gov. Greg Abbott praised the move.
“Oracle just announced they have moved their headquarters to Austin,” he wrote on Twitter. “Texas is truly the land of business, jobs and opportunity. We will continue to attract the very best.”
Amid coronavirus-related shutdowns, Elon Musk threatened to move Tesla, valued at more than $500 billion, to Texas. The automotive company’s CEO said government officials’ refusal to let the company reopen its Fremont, California, factory during the pandemic was “the final straw.” Musk said Tesla would continue operating in California but would move future programs and initiatives to Texas and Nevada facilities.
While Tesla’s primary assembly factory is in Fremont, it already has a second, smaller factory in Reno, Nevada. Building is underway on what will be the company’s biggest assembly plant in Travis County, Texas, near Austin.
Auto competitor Toyota also has its U.S. base in Texas after having moved from Southern California in 2018.
Last week, information technology company Hewlett Packard Enterprise announced plans to move its headquarters from California to Houston, Texas, by 2022.
“As we look to the future, our business needs, opportunities for cost savings, and team members’ preferences about the future of work, we are excited to relocate HPE’s headquarters to the Houston region,” CEO Antonio Neri said in a statement.
Texas has no corporate or individual income taxes.