California “Techsodus”: Tech Companies, Billionaires, Millionaires, Tech Employees Flee San Francisco & Silicon Valley | Wolf Street

The exodus of tech companies, executives, billionaires, millionaires, and regular tech employees from California, and particularly from San Francisco and Silicon Valley, is a combo of fleeing California and a shift to work-from-anywhere. Texas, Florida, Colorado, and other states have been among the destinations. Texas and Florida don’t levy state income taxes, so sure.

In the old days, the doctrine for achieving excellence was called “management by walking around.” Now it’s “management by Zooming around,” another term we coined today.

Working from anywhere for Ellison means working on a 140-square-mile island, a former pineapple plantation that Ellison acquired (98% of it) in 2012 from David Murdock who’d obtained it via his purchase of Castle & Cooke that Dole Food had spun off. The economy on Lanai has been dedicated to tourism: It has three luxury hotels that Ellison owns, plus a grocery store that Ellison owns, a school, an airport where Ellison’s corporate jets drop him off and pick him up, and about 3,000 residents whose jobs mostly depend on Ellison’s operations on the island. Ellison also owns part of the housing on the island, and to top it off, he bought the only local newspaper – another billionaire buying up newspapers.

California “Techsodus”: Tech Companies, Billionaires, Millionaires, Tech Employees Flee San Francisco & Silicon Valley | Wolf Street