Saad Ullah
● Anthony Pompliano recently highlighted startling data from economist Torsten Slok showing that California now has fewer tech jobs than during the 2008 financial crisis. Apollo's chart reveals that California's portion of U.S. tech jobs dropped from nearly 20% in 2019 to roughly 17% in 2025—the lowest in almost twenty years.
● This exodus is driven by California's high cost of living, heavy taxes, and regulatory red tape. The pandemic accelerated the trend when remote work freed companies from needing a Silicon Valley address. Since then, both startups and major players have relocated to Texas, Florida, and Arizona for cheaper operations and housing.
● The financial toll is mounting. Shrinking tech payrolls mean less tax revenue from high-earning software and AI workers. Economists predict California could face billions in budget shortfalls if the outflow continues, while cities like Austin, Miami, and Denver see tech employment surge.
● This marks a fundamental shift in America's tech landscape. The pandemic proved that cutting-edge work doesn't require Bay Area proximity anymore. Big names like Tesla, Oracle, and Hewlett Packard Enterprise have already moved their headquarters out of state.
Saad Ullah
