There are several world class companies that have announced their move from Silicon Valley. For example, Elon Musk moved his technology company which was originally headquartered in Silicon Valley to Austin, Texas. There are also other technology companies who fled from California, such as Larry Ellison with his company Oracle, Palantir, Hewlett Packard Enterprise, also moved to several other areas such as Texas, Arizona, Nevada.
There are several reasons why the world's technology companies are moving from Silicon Valley, namely housing prices in California are getting more expensive with an estimated average price of $834,000, while housing prices in Silicon Valley are even higher, the average house price is around $1.7 million.
In addition to property prices in the California area getting higher, there are several other reasons, such as higher tax rates, higher company operating costs, and employee wages are increasing day by day. And in the current pandemic, many companies require their employees to work from home aka WFH (Work From Home).