Tech workers and billionaires leaving Silicon Valley cause California's tech sector share to drop
Tech professionals along with owners of major companies are leaving California, where the state's share of total employment in the US technology sector has dropped to 15.9% — the lowest level since 2013. Over the past year, the state lost more than 16,000 employees in the sectorю
Google co-founder Sergey Brin relocated to Nevada amid a mass exodus of wealthy residents from California due to fears of a wealth tax. His partner Larry Page also left the state. Oracle CEO Larry Ellison departed as well, though not with plans for a permanent move. Meanwhile, Mark Zuckerberg remains in California. Overall, the outflow of leading IT specialists and entrepreneurs negatively affects the region's economy.
This trend is likely to continue, posing further challenges for Silicon Valley and California in competing for talent and investment.
