On Wednesday, Gov. Gavin Newsom (D-Calif.) praised Apple Inc. (NASDAQ:AAPL) on its 50th anniversary, highlighting the company's innovation and resilience as other major corporations continue to leave the state.

Apple's Half-Century Milestone

On April 1, 2026, Apple celebrated 50 years since Steve Jobs and Steve Wozniak launched the company from a California garage in 1976.

"For 50 years, @Apple has embodied and exemplified the best of California: ‘thinking different,' boldly innovating, and empowering people to not only dream, but do," Newsom said on X.

He added, "Thanks to innovators like Apple, California is proud to be the global leader in technology and creativity."

The Corporate Exodus From California

While Apple remains, numerous high-profile companies have relocated over the years due to high operating costs, strict regulations and business limitations.

Tesla Inc. (NASDAQ:TSLA) moved to Austin in 2021, with CEO Elon Musk citing scaling challenges and disputes over pandemic restrictions.

Chevron Corp. (NYSE:CVX), with roots in California since the 1870s, relocated to Houston in 2024, pointing to policies that raise costs and create hardship for Californians.

McKesson (NYSE:MCK) left for Texas in 2019 to improve efficiency and collaboration.

Other notable departures include Oracle Corp (NYSE:ORCL), Palantir Technologies (NASDAQ:PLTR), Charles Schwab (NYSE:SCHW), SpaceX and Playboy, many seeking more business-friendly environments in Texas, Florida, Tennessee, and beyond.

The departures highlight a growing tension between the state's innovation legacy and its business climate.

Sergey Brin, Peter Thiel And Others Scale Back In California

Several high-profile tech figures are scaling back their connections to California. Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) co-founder Sergey Brin also reportedly following in the footsteps of Larry Page and other billionaires.

Meanwhile, David Sacks, who served as the White House AI and crypto czar under President Donald Trump and Palantir co-founder Peter Thiel have also established new offices outside the state.

Price Action: Apple closed at $255.63, up 0.73% on Wedneday while at the pre-market trading on Thursday, it showed a decline to $253.73, down 0.74%, according to Benzinga Pro.

Apple shares rank low for value in Benzinga's Edge Stock Rankings, indicating strong long-term growth but weaker short and mid-term performance, while the company's Quality rating sits in the 98th percentile.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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