Tech giant Oracle Corp has said it will move its headquarters from Silicon Valley to Austin, Texas on Friday and allow many employees to choose their office locations and decide whether to work from home.
The business software maker said it would place major hubs in its current home in Redwood City, California and other locations.
The company said in a regulatory filing, “We believe that these advance the best position oracle for growth and provide our personnel with more flexibility in where and how they work.”
‘Depending on their role, this means that many of our employees can choose their office space as well as continue working at home part time and all the time.’
The move comes the same week that Tesla founder Elon Musk announced he had moved to Texas and Hewlett Packard Enterprise also announced a move to the state earlier this month.
Tech giant Oracle Corp said on Friday it would move its headquarters from Silicon Valley to Austin, Texas, recently stepped into the Lone Star state by Tesla’s Elon Musk and HP.
Musk had criticized California officials for the restrictions designed to limit the coronovirus epidemic.
Oracle CEO Larry Ellison is the second-largest individual shareholder in Tesla – behind Musk – and sits on the company’s board.
Texas Governor Greg Abbott quickly boasted about Oracle’s decision.
Abbott tweeted, ‘Oracle announced that they had moved their headquarters to Austin.
Oracle CEO Larry Ellison, pictured above, is also the second largest individual shareholder in Tesla
‘Texas is truly a land of trade, employment and opportunity. We will be attracted very well. ‘
Texas has long targeted companies for relocation to high-cost California.
And Austin, in particular, is attracting tech firms as home to the South by the Southwest Festival, with an ‘interactive’ part dedicated to Internet innovations.
This month, Hewlett Packard Enterprise, one of the early companies in Silicon Valley, said it would move to the Houston area and build a campus with two five-story buildings by 2022.
“HPE’s largest US employment center, Houston is a lucrative market to recruit and retain diverse talent of the future, and the company is currently building a new campus,” the company said in a statement.
‘The Bay Area will continue to be a strategic hub for HPE Innovation and the company will consolidate several Bay Area sites into its San Jose campus.
‘No layoffs are associated with this move.’
Oracle’s move comes in the same week that Tesla (right) founder Elon Musk announced that he had moved to Austin after a run-end with California officials and was also following Hewlett Packard Enterprise (picture left) earlier this month. Initially announced a move to Texas
Texas Governor Greg Abbott swiftly claims Oracle’s decision on Twitter
And, entrepreneur Elon Musk also confirmed his move to Texas this week.
Tesla’s co-founder and chief executive left California earlier this year after a heated squabble with local officials, who ordered the closure of one of their auto factories to prevent the spread of the Kovid-19.
Musk fired Alomeda County officials, including California government employees, after the shutdown ceased production at his company’s factories in Fremont.
Musk defied the health order, and called the rules ‘fascist’ during his April earnings call to ‘return people to their freedom.’
He then informed the government to cooperate with Abbott.
Tesla co-founder and chief executive Elon Musk, pictured above, left California earlier this year after a heated squabble with local officials who shut down one of their auto factories to stop the spread of COVID Ordered to do.
The cost of living in Texas is also low and no state pays income tax, both could appeal to Oracle as well as the South African-born Musk, 49, who beat Bill Gates, who last month, Tesla went on to become the wealthiest in stock —Greater Heights.
Musk justified the move by stating that he needed to be close to two of his biggest projects: the development of rockets by his company SpaceX in the southern part of the state, and the construction of the Tesla automobile plant near Austin, the state capital. ‘
Yet he added in an interview with the Wall Street Journal that when it comes to innovation, California was also ‘decent’.
He told the publication, “They are a little gracious, little entitled, and then they don’t win a championship.”
Musk claimed that California – and, in particular, Silicon Valley – ‘has been winning for a long time.’
‘I think they’re taking it [winning] He said, ‘gave a little bit.’
Currently, both Tesla and SpaceX are headquartered in California. It is unclear whether Musk will officially transfer both businesses to Texas at a later date.
Kasturi did not disclose the whereabouts in the Lone Star state, which he had carried. It is also unclear whether he will buy any property there, noting that he said earlier this year that he wanted to free himself from the property and only renting is interesting.
Over the summer, the Musk Foundation officially consolidated its headquarters in Austin.
However, Musk is also known to spend time in Boca Chica on the southeastern coast of the state, where SpaceX has facilities.
In 2018, Toyota moved its US headquarters from Southern California to Plano, Texas, a Dallas suburb.
Oracle shares rose dramatically on Friday morning, climbing upward after the announcement of the transfer in the afternoon, as pictured above.
In its most recent fiscal year, which ended May 31, Oracle reported revenues of $ 10.1 billion on revenue of approximately $ 39 billion. Its shares have steadily increased over the year
In its most recent fiscal year, which ended May 31, Oracle reported revenues of $ 10.1 billion on revenue of approximately $ 39 billion.
After climbing dramatically on Friday morning, they continued uphill after the transfer was announced in the afternoon.
The company was founded in 1977 in Santa Clara, California and, as of May 31, employed approximately 135,000 people.
Oracle has offices in an array of US cities including Austin.
Oracle’s move has come about as Internet firms, allowing workers to do their work remotely, embrace the practice due to the epidemic, which allows them to hire such people Frees who live away from offices and leave fewer companies on Silicon Valley campuses.