Forbes Media Chairman Steve Forbes discusses Oracle and other companies moving out of states like California and New York.
Oracle co-founder Larry Ellison has moved from Silicon Valley, California to a Hawaiian island where he owns almost all of the land
The billionaire reported his move to the software giant’s staff on Monday, writing in a company-wide email that he would not be tracking the company’s headquarters from Redwood City, California, to Austin, Texas.
ORACLE LEAVES CALIFORNIA FOR TEXAS. WILL THE LATEST IN SILICON VALLEY TURN OUT THE LIGHTS?
The 76-year-old said he will “use the power of Zoom” to communicate with employees and signed “Mahalo, Larry”.
Ellison, the world’s eleventh richest person with a net worth of about $ 75 billion, owns about 98% of Lanai, according to Hawaii News Now.
Oracle CEO Larry Ellison introduced Oracle Database In-Memory at a launch event at the company’s corporate headquarters in Redwood Shores, California, on June 10, 2014. REUTERS / Noah Berger
The chairman paid hundreds of millions of dollars for Hawaii’s sixth largest island in 2012, just two years before stepping down as the company’s CEO.
Ellison is the primary employer of Lanai’s 3,000 residents and owns resorts, hotels, the main grocery store, the housing stock and the newspaper, Bloomberg said.
Oracle did not immediately respond to a request for comment. The 43-year-old company is part of the S&P 100, with 138,000 employees.
Ellison and Oracle aren’t the only Silicon Valley power players to leave California this year.
Prolific startup investor Keith Rabois announced his move to Miami in September, and the Bay Area has recently seen the departure of PayPal’s Peter Thiel and Palantir’s Alex Karp and Joe Lonsdale.
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Tesla and SpaceX founder Elon Musk announced last week that he had left the Golden State for Austin.
Musk cited high taxes and health restrictions related to the coronavirus as reasons for his departure.