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America’s entrepreneurial power is dispersing beyond Silicon Valley and New York

America’s entrepreneurial and technology power is dispersing beyond Silicon Valley and New York — a trend greatly accelerated by two Cs: coronavirus and California.

The big picture: Elon Musk is the latest high-profile business leader to bolt from California because of its governance and cost.


  • At the same time, workers are fleeing the state — and New York City, too — to work remote, often in tax-friendly states or emerging tech hubs, for good.

What to watch: The next wave of cool innovations — 5G, autonomous tech, drones — will unfold in cities.

  • It appears a lot of CEOs, companies and talent will head there, too. This could spark a realignment of influence and politics.
  • Palantir, the data-mining giant, followed through on CEO Alex Karp's complaint on "Axios on HBO" that Silicon Valley is a "monoculture," and moved to Denver.

Ben Shapiro, host of the nation's top conservative podcast, moved his Facebook powerhouse website, The Daily Wire, from L.A. to Nashville in September.

  • Shapiro told Axios that California "has made it nearly impossible to do business, between their absurd regulatory climate, their insane tax rates, and the declining quality of life."

Musk said yesterday during a Wall Street Journal CEO Council appearance that the Bay Area "has too much influence on the world."

  • Musk moved to Texas ... Palantir co-founder Joe Lonsdale moved his venture firm from Silicon Valley to Austin ... and Hewlett Packard Enterprise Co. — "a descendant of the firm that Bill Hewlett and Dave Packard famously started in a Palo Alto, Calif., garage," as The Journal put it — is moving to Houston.

CNBC this week referred to the Lone Star State as "TECH-SAS."

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

The Food and Drugs Administration on Saturdayissued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

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Italy tightens COVID restrictions for 5 regions amid warnings of a growing prevalence of variants

Italy on Saturday announced it was tightening restrictions in five of the country's 20 regions in an effort curb the spread of the coronavirus.

Driving the news: The announcement comes as health experts and scientists warn of the more transmissible coronavirus variants, per Reuters.

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Palestinian Authority announces new COVID restrictions as cases surge

The Palestinian Authority on Saturday announced fresh coronavirus restrictions, including a partial lockdown, for the occupied West Bank as COVID-19 cases surge.

The big picture: The new measures come as Israel, which leads the world in vaccinations, faces increased pressure to ensure Palestinians in the occupied West Bank and Gaza Strip have equal access to vaccines.

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Myanmar military fires UN ambassador after anti-coup speech

Myanmar's military regime on Saturday fired the country's Ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

Details: State television said the ambassador had "betrayed the country and spoken for an unofficial organization which doesn’t represent the country and had abused the power and responsibilities of an ambassador."

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Scoop: Biden admin call on Putin pipeline provokes GOP anger

A briefing between the State Department and congressional staff over Vladimir Putin's Russia-Germany gas pipeline got tense this week, with Biden officials deflecting questions about why they hadn't moved faster and more aggressively with sanctions tostop its completion.

  • The Biden officials also denied negotiating with the Germans over a potential side deal to allow the pipeline to be finished.
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Warren Buffett calls American progress "discouraging," but isn't betting against it

Warren Buffett called progress in America "slow, uneven and often discouraging," but retained his long-term optimism in the country, in his closely watched annual shareholder letter released Saturday morning.

Why it matters: It breaks months of uncharacteristic silence from the 90-year-old billionaire Berkshire Hathaway CEO — as the fragile economy coped with the pandemic and the U.S. saw a contentious presidential election.

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