Elon Musk to Move SpaceX and X Headquarters from California to Texas
Billionaire Elon Musk announces plans to relocate SpaceX and X headquarters from California to Texas due to objections to state law on gender identity disclosure. Musk, increasingly engaged in US politics, endorses Trump and supports transgender community. The move follows Tesla’s relocation in 2021. California Governor Newsom has not responded directly. Musk criticizes San Francisco, citing safety concerns. Competition among states to attract corporate headquarters is fierce.
Saudi Arabia Pushes for International Financial Firms to Set Up Shop in Riyadh
Saudi Arabia is actively seeking to attract international financial firms to establish regional headquarters in Riyadh, with the country’s wealth fund now inquiring about licenses. The pressure is mounting for banks to comply, as seen with Goldman Sachs Group Inc. obtaining a regional headquarters license. This move is prompting other financial players to reconsider their strategies in Saudi Arabia, with the Public Investment Fund now including license inquiries in its procurement process. While the impact of these requirements on business opportunities remains to be seen, major players like JPMorgan Chase & Co. and Citigroup Inc. are keen to maintain their presence in the lucrative Saudi market.
Nike to Lay Off 740 Employees in Beaverton as Part of Global Workforce Downsizing
Nike is set to lay off 740 employees in Beaverton as part of a 2% downsizing of its global workforce. The company’s decision comes after announcing plans to reduce about 1,600 employees worldwide due to underperformance. Despite the layoffs, Nike remains committed to pursuing growth opportunities in sports, health, and wellness sectors, aiming to position itself for future success by aligning its organization with strategic objectives.
General Motors Co. relocates downtown Detroit headquarters to Hudson’s building
General Motors Co. is relocating its downtown Detroit headquarters to the Hudson’s building, solidifying its commitment to the city’s revival. With approximately 5,000 employees downtown and a new electric vehicle facility, GM’s move underscores its dedication to Detroit. The move is expected to be announced at a press conference hosted by GM CEO Mary Barra and billionaire Dan Gilbert, who has been instrumental in the city’s transformation through extensive real estate acquisitions and redevelopment efforts.