Yamaha, Exxon’s blue-state exits only the latest in money and business fleeing to MAGA states

Yamaha Motor Company is now the latest seismic hit to California after announcing that, after half a century, the nearly $7 billion company is leaving the deep blue state. Yamaha, which announced the move Tuesday, is not alone. Several prominent companies with longstanding ties to California have also relocated their headquarters or significant operations in recent years, often citing factors such as business climate, talent access and operational efficiency. 
Hours later, ExxonMobil announced plans to end its New Jersey corporate registration and redomicile in Texas, citing a better business-friendly legal environment, after years of shareholder and climate-related legal battles, according to Fox Business News. 
“Over the past several years, Texas has made a noticeable effort to embrace the business community. In doing so, it has created a policy and regulatory environment that can allow the company to maximize shareholder value,” Darren Woods, ExxonMobil chairman and chief executive officer, said in a statement.
Back in California, Elon Musk’s companies have been among the most visible in the relocation trend. Tesla shifted its corporate headquarters from Palo Alto to Austin, Texas, in 2021, with its legal domicile following suit in 2024. SpaceX, the aerospace firm also led by Musk, moved its headquarters from Hawthorn, to Starbase, Texas, in 2024. 
X, the social media platform formerly known as Twitter and acquired by Musk, relocated its base from San Francisco to Austin in 2024.  
In the flight industry, American Airlines has made operational adjustments affecting its California presence. In 2022, the Fort Worth, Texas-based carrier closed its long-standing flight attendant base at San Francisco International Airport after more than 50 years, relocating more than 400 employees to other parts of the country. The decision was attributed to competitive pressures, rising fuel costs and reduced demand in the region. 
While the airline maintains flying operations at San Francisco and other California airports, the base closure marked a significant reduction in its workforce footprint in the state.
Yamaha will relocate its U.S. headquarters from Cypress, California – where it has operated for nearly 50 years – to Georgia, with the phased transition set to begin by the end of 2026 and conclude in 2028. 
The move involves selling its 25-acre campus and consolidating functions for greater efficiency. President Donald Trump won the state in 2016 and 2024. 
Additionally, Toyota Motor North America completed an earlier headquarters shift from Torrance, California, to Plano, Texas, in the years leading up to the recent Golden State exodus, citing similar concerns about costs and growth opportunities in other states.
Chevron also relocated its headquarters from San Ramon, California, to Houston, Texas, in 2024, joining other energy sector firms seeking advantages in the Lone Star State. Separately, Lucas Oil, the automotive additives and lubricants company, moved its operations from Corona, California, to Indianapolis, Indiana, in 2022, marking a departure from its long-time California base.
Charles Schwab completed its headquarters relocation from San Francisco to Westlake, Texas, in 2021. The financial services firm finalized the move after earlier announcements, consolidating operations in the Dallas-Fort Worth area while citing strategic alignment and talent considerations.
Public Storage, the nation’s largest self-storage operator, announced in February that it was relocating its corporate headquarters from Glendale, California – its home for more than 50 years – to Frisco, Texas. The shift is part of a broader restructuring and leadership transition aimed at tapping into talent and innovation in the Dallas-Fort Worth market, though the company plans to maintain a long-term presence in Glendale.
Several other companies have undertaken headquarters or operational relocations from California in recent years. AECOM, the infrastructure consulting firm, moved its global headquarters from Los Angeles to Dallas, Texas, in 2021, while retaining a substantial workforce in California. 
Aerojet Rocketdyne shifted rocket engine production and related work from its historic Sacramento-area facility to other locations, including Alabama, in earlier moves that reduced its California footprint. 
Aviatrix, a cloud networking technology company, relocated its headquarters from Santa Clara, California, to Dallas in 2022. 
Kaiser Aluminum moved its corporate headquarters from Foothill Ranch, California, to Franklin, Tennessee, in 2021. 
McKesson Corp., the pharmaceutical distributor, relocated its global headquarters from San Francisco to Las Colinas, Texas, effective in 2019 but often referenced in ongoing relocation discussions. 
CBRE Group, the commercial real estate services firm, shifted its headquarters from Los Angeles to Dallas in 2020. Hewlett Packard Enterprise relocated its headquarters from San Jose, California, to Houston, Texas, in 2020. These changes illustrate a pattern of corporate shifts away from California, though many firms continue to maintain operations or employees in the state.
Businesses leaving California in recent years often cite the state’s high taxes, burdensome regulations and elevated cost of doing business as key factors driving the decisions. California’s corporate income tax rate stands at 8.84%, among the highest in the nation, while its top personal income tax rate of 13.3% affects executives and employees.
The state also imposes extensive environmental, labor and compliance rules that many businesses describe as complex and costly compared with lower-tax, lighter-regulated states like Texas. 

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