Tesla's moved its headquarters to Austin, Texas...and so have around 35 other ex-Silicon Valley startups.
Background: We all know Tesla - the electric vehicle company headed up by resident eccentric Elon Musk.
What happened: The crew at Tesla have relocated from Palo Alto in California to Austin Texas. FYI, the city's unofficial motto is "keep Austin weird". Gotta say, we don't mind the sound of that.
What else: While it doesn't seem like the obvious choice, Texas has managed to lure tonnes of tech companies that once called Silicon Valley home...like Google, Atlassian, Dropbox and soon, Apple.
💡Move over Silicon Valley, there's a new sheriff in town. Austin. And its new name: Silicon Hills.
💡California bred a lot of famous tech companies. Ya know, HP, Adobe, eBay, Paypal...the list goes on. But, high housing costs, high tax rates and tightening regulations have made it tough for businesses (and founders) to stay there.
💡 On the other hand, Texas has a lower cost of living and more favourable tax laws. All of these factors make the city a great new home for big companies.
Sign up for Flux and join 100,000 members of the Flux family