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business5h ago
Billionaires and businesses fuel growing exodus from blue states
- Billionaires, CEOs, and major firms are moving from blue states to red states amid tax and regulatory concerns.
- Palantir Technologies moved its headquarters from Denver to Miami in February, signaling a broader shift southward.
- ExxonMobil will leave New Jersey and reincorporate in Texas, citing a pro-business legal environment.
- SpaceX and X relocated headquarters from California to Texas, with Elon Musk citing policy concerns.
- Yamaha relocated its U.S. headquarters from California to Georgia after nearly 50 years.
- Oracle and Larry Ellison shifted headquarters to Texas and later Nashville, expanding the Florida and Tennessee footprint.
- Florida, with no state income tax, is highlighted as a major draw for wealthy individuals.
- Star performers and corporations, including Starbucks and In-N-Out, are expanding in Tennessee and Florida.
- The shift is described as ongoing, with no signs of slowing according to the report.
- Public policy debates continue as states weigh tax changes to attract or retain wealth.
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