Companies move. HQ move all the time. This is a leverage that corporations employ to maximize tax gains all the time. Don't know why it always makes some sort of headline. Schwab and its leadership has been saying how they hate California for a long time. So not surprising. And any HQ move out of CA is often dressed as a political success story of a low tax state. Weirdly, I would never see a story that says "$1 trillion worth of new wealth created in CA, zero in Texas". I mean, this last year alone, with IPOs of Uber, Lyft, Pinterest, Slack etc. we probably had $200bn worth of wealth generated. Now taking into account the stock price inflation of Google, Apple, Facebook over the last decade, and not to forget Tesla, Netflix, Nvidia etc. Nobody ever uses those gains to comment on why a high tax state was able to generate this much new business and wealth. Over the last decade, CA companies have generated 50% of all VC capital in the US and Texas companies have generated <5%.