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What Happened: The computer technology giant announced on Friday that it had moved its headquarters to Austin, Texas, from Silicon Valley.
“Oracle is implementing a more flexible employee work location policy and has changed its corporate headquarters from Redwood City, California, to Austin, Texas. We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work,” CNBC quoted the company’s spokesperson.
Oracle believes that by implementing a “more modern approach to work,” the quality of employees' lives and approach to work will get better.
Other offices in places including California, Massachusetts, Denver, Orlando, Seattle and Florida will continue operating, according to Oracle’s official filing.
“This has turned into an absolute tidal wave," Texas Governor Greg Abbott said. “They are looking for a state that gives them the independence, the autonomy and the freedom to chart their own course.”
He emphasized a lower cost of doing business and fewer taxes.
“I have been on the phone on a weekly basis with CEOs across the country, and it’s not just California. We’re working across the board because the times of COVID have exposed a lot. They’ve exposed ... that you really don’t have to be in Manhattan, for example, in order to be involved in the trading business or the investment business.”
Price Action: Oracle shares were flat in the postmarket trading session on Friday, down by 0.017% to close at $60.60.
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