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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

Erica Pandey, author of @Work
Jan 27, 2021 - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

In photos: Long lines and fuel shortages amid Colonial Pipeline shutdown

A sign warns consumers on the avaliability of gasoline at a RaceTrac gas station in Smyrna, Georgia, on May 11. The average national price of gasoline has risen to $2.985 a gallon, Bloomberg notes. Photo: Elijah Nouvelage/AFP via Getty Images

Reports of fuel shortages across the U.S. emerged on Tuesday as the national average for gasoline prices soared to its highest level since 2014 amid a key fuel pipeline shut down, per Bloomberg.

What's happening: Operator Colonial Pipeline aims to have service restored by the week's end following last Friday's ransomware attack that shut down some 5,500 miles of pipeline from Texas to New Jersey. Florida Gov. Ron DeSantis (R) declared a state of emergency after panic-buying created a fuel shortage.

Reports: More than 100 Republicans threaten to form 3rd party over Trump

Former President Trump addressing the Conservative Political Action Conference in Orlando, Florida, in February. Photo: Joe Raedle/Getty Images

More than 100 Republicans will sign a letter Thursday threatening to create a third party if the GOP doesn't "break" with former President Trump, Reuters first reported.

Why it matters: Per Axios' Mike Allen and Jim VandeHei, Trump's grip on the GOP has gotten stronger since the Jan. 6 Capitol riot. The Republican Party's "allegiance to Trump" as he continues to make false claims about his 2020 election loss has "dismayed" the group, according to Reuters.