Lou Basenese on blue state exodus: We told you this was going to happen
'The Big Money Show' panel weighs in on the exodus from blue states as Meta CEO Mark Zuckerberg buys a Florida home.
A growing number of billionaires, CEOs and major corporations are relocating from blue states to red states, pointing to lower taxes, fewer regulations and a friendlier business climate.
The trend has picked up in recent years and shows no clear signs of slowing.
Several well-known companies have recently moved or announced plans to move their headquarters:
Palantir Technologies
Palantir Technologies announced in February it is moving its headquarters from Denver to Miami. (Rafael Henrique/SOPA Images/LightRocket via Getty Images)
The tech firm announced in February that it moved its headquarters from Denver to Miami.
ExxonMobil
The energy giant said this week it will leave New Jersey and reincorporate in Texas, pointing to the state’s pro-business legal environment after years of legal challenges.
Public Storage
The company announced last month that it is moving its corporate headquarters from Glendale, California, to Frisco, Texas, ending a half-century run in California.
Yamaha Motor Co.
A general view of Yamaha boats at the marina at the Miami International Boat Show on Feb. 16, 2017 in Miami, Florida. (Alexander Tamargo/Getty Images for Yamaha Motor Co., LTD)
Yamaha is relocating its U.S. headquarters from California to Georgia after nearly 50 years in the Golden State, the company announced in February.
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SpaceX and X
The space company and social media platform relocated their headquarters from California to Texas, Elon Musk announced in 2024, citing policy concerns.
Tesla
The Tesla Gigafactory under construction in Austin, Texas, on Feb. 1, 2022. (Thomas Allison/Bloomberg via Getty Images)
The Musk-owned electric-vehicle maker officially moved its corporate headquarters from Palo Alto, California, to its Gigafactory in Texas, in December 2021.
Chevron
The energy company announced plans in 2024 for the relocation of its headquarters from San Ramon, California, to Houston, Texas.
Playboy
Playboy Enterprises announced last year that it would be moving its Los Angeles headquarters to Miami Beach.
Larry Ellison's Oracle moved its headquarters out of California to Texas, and a few years later, moved to Nashville. (Andrew Harnik/Getty Images)
Oracle
Larry Ellison's tech firm announced in 2024 it was moving its headquarters to Nashville, Tennessee. The company previously moved its headquarters from California to Texas in 2020, according to Fortune.
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Meanwhile, some other companies are expanding instead of fully relocating.
In-N-Out is expected to open a 100,000-square-foot eastern office near Nashville later this year. (Robert Gauthier/Los Angeles Times via Getty Images)
Starbucks recently announced plans to open a new corporate office in Nashville, Tennessee. In-N-Out is also expected to open a 100,000-square-foot eastern office near Nashville later this year.
The shift also includes high-profile individuals:
Howard Schultz
The former Starbucks CEO recently moved to Florida after decades in Washington state.
Jeff Bezos
Amazon's founder announced in 2023 that he was leaving Seattle for Miami.
Ken Griffin
The Citadel CEO moved the hedge fund's headquarters from Chicago to Miami in 2022, citing crime and failed policies in the city.
Peter Thiel
Peter Thiel established a new office for Thiel Capital in Miami. (Marco Bello/Getty Images)
The PayPal co-founder recently established a new office for Thiel Capital in Miami, according to Business Insider.
Stephen Ross
The founder of Related Companies and owner of the Miami Dolphins, relocated from New York to Florida, according to the New York Post.
Mark Zuckerberg
The Meta CEO and his wife, Priscilla Chan, have reportedly closed on a sprawling Miami-area estate for a bit less than the original $200 million listing price.
Sergey Brin
The co-founder of Google also reportedly closed recently on a $51 million property in northern Miami Beach.
Elon Musk
Elon Musk has moved himself and the headquarters of SpaceX and X to Texas. (Gonzalo Fuentes/Reuters)
Musk, the world's richest person, announced in 2020 that he had moved to Texas, according to The Wall Street Journal.
Travis Kalanick
The billionaire and Uber co-founder officially joined the exodus from California, revealing he moved to Austin, Texas, just weeks before a proposed wealth tax could have targeted his estimated $3.6 billion fortune.
"Just to be clear, on December 18, I moved to Texas. I don’t know what’s so specific about December 18, but let’s just say it’s prior to January," Kalanick said in an interview with TPBN.
"I get a little bit [of] FOMO on like, these people going to Florida. I'm like, dude! Why so much Florida action?" he continued. "Come on, homies."
Florida, which has no state income tax, has become a major draw for wealthy individuals.
California lawmakers are considering new taxes aimed at the ultra-wealthy. A proposed 2026 ballot measure would impose a one-time 5% tax on individuals worth more than $1 billion.
Critics argue higher taxes could push more businesses and wealthy residents to leave the state.
During a Feb. 10 appearance on Gxstocks Network’s "The Big Money Show," following reports that Meta CEO Mark Zuckerberg had purchased a home in Florida, Basenese Group CEO and chief strategist Lou Basenese said California is experiencing a significant billionaire "exodus."
"This is, by my count, the seventh billionaire that has left California, accounting for upwards of 800 to 900 billion dollars worth of wealth," Basenese said. "Total billionaires in California is about 180 to 190 with $1.3 trillion."
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Florida, which has no state income tax, has become a major draw for wealthy individuals. (Getty Images)
He added, "There is a mass exodus. We told you this was going to happen. … One leaves and the second, and then it's a death spiral to the bottom."
Since 2020, California, New York, Illinois, New Jersey and Massachusetts have posted a combined net domestic migration loss of nearly 3.7 million residents, according to The Heritage Foundation, citing the Census Bureau.
Meanwhile, from July 2024 to July 2025, the top destination states were North Carolina, Texas, South Carolina, Tennessee and Arizona.
Gxstocks' Eric Revell, Kristen Altus, Aislinn Murphy and Michael Dorgan contributed to this report.
