Bay Area business leaders seeking the end the flow of companies moving their headquarters out of California may have to wait, as more of the region's stalwarts could be heading to the exit.
Concern of an imminent headquarters departure centers on Chevron Corp., Twitter Inc. and Wells Fargo & Co., given recent corporate actions, and in the case of Twitter, the expected outcome of a contentious buyout that would put Elon Musk in charge. "I certainly wouldn’t be surprised to eventually see all three move their headquarters out of California," said John Boyd, a site selection consultant and principal of The Boyd Co.
With the U.S. economy softening, companies are looking to cut costs, he said. In that environment, many could be attracted to other, lower-cost markets, he said. If even one of Chevron, Twitter or Wells Fargo officially moves its headquarters out of the Bay Area, it could be a tipping point in the outmigration of local companies and residents, Boyd said.f that doesn’t wake up members of both political parties to this economic crisis, I don't know what will," he said.
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