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The software and technology company Oracle will move its headquarters from Redwood City to Austin, the latest of several large tech companies to flee Silicon Valley for Texas.

Oracle announced the move Friday in a quarterly filing with the U.S. Securities and Exchange Commission.

The filing notes that employees will still be able to work remotely from California, a policy which company executives expect will improve employee quality of life and work output.

“We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work,” the company said in the filing.

Computer technology company Hewlett Packard Enterprise announced plans to move its headquarters to Texas earlier this month, while Tesla founder Elon Musk said he recently moved to Texas, which has no personal income tax, due to California’s high taxes on wealthy people and hinted that the vehicle manufacturer could soon move its headquarters there as well.

The Bay Area Council, a business policy advocacy group, warned in a statement that the state will continue to hemorrhage innovative businesses unless it changes its economic policy.

“We are watching the unraveling on one of the world’s mightiest economies and the consequences will be devastating,” Bay Area Council President and CEO Jim Wunderman said.

“California for too long has willfully ignored our awful business climate, even as we’ve enjoyed incredible success and prosperity. We can’t afford to dither any longer or California will permanently lose hundreds of thousands if not millions of jobs to states like Texas that place value on business and investment,” he said.