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Photo: AaronP/Bauer-Griffin/GC Images

Oracle announced it has relocated its headquarters to Austin, Texas, becoming the latest tech company to move out of the San Francisco Bay Area, Bloomberg first reported on Friday.

The big picture via Axios' Jim VandeHei and Mike Allen: America’s entrepreneurial and technology power is dispersing beyond Silicon Valley and New York — a trend greatly accelerated by two Cs: coronavirus and California.

Texas has no state income tax, while California, in contrast, is known for high taxes and strict regulatory policies.

What they're saying: "We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work," an Oracle spokesperson told CNBC.

  • The company also said it permit the majority of its workforce to select which office they want to work from, or if they continue to work from home.
  • "[W]e will continue to support major hubs for Oracle around the world, including those in the United States such as Redwood City, Austin, Santa Monica, Seattle, Denver, Orlando and Burlington, among others, and we expect to add other locations over time."
  • “By implementing a more modern approach to work, we expect to further improve our employees’ quality of life and quality of output.”

Go deeper

Dec 24, 2020 - Health

California becomes first state to surpass 2 million coronavirus cases

A clinician cares for a COVID-19 patient in the Intensive Care Unit (ICU) at Providence St. Mary Medical Center amid a surge in COVID-19 patients in Southern California on Wednesday in Apple Valley, California. Photo: Mario Tama/Getty Images

California surpassed 2 million COVID-19 cases on Thursday morning, per Johns Hopkins University.

Why it matters: It's the first U.S. state to exceed 2 million coronavirus infections. While it took California over nine months for 1 million people to test positive for the virus, state health officials have confirmed 1 million cases in six weeks, the Mercury News notes.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden readies massive shifts in policy for his first days in office.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.
  6. World: WHO team arrives in China to investigate pandemic origins.
Dave Lawler, author of World
2 hours ago - World

Alexey Navalny detained after landing back in Moscow

Navalny and his wife shortly before he was detained. Photo: Kirill Kudryavtsev/AFP via Getty

Russian opposition leader Alexey Navalny was detained upon his return to Moscow on Sunday, which came five months after he was poisoned with the nerve agent Novichok. He returned despite being warned that he would be arrested.

The latest: Navalny was stopped at a customs checkpoint and led away alone by officers. He appeared to hug his wife goodbye, and his spokesman reports that his lawyer was not allowed to accompany him.