- On Thursday CNBC’s Jim Cramer said that he expects a “tech exodus” from California in the future.
- “They’re tired of the San Francisco workforce, which they think is full of spoiled nitwits who are there one day and gone the next,” Cramer said
- Tech stocks tumbled on Thursday along with the rest of the market.
Cramer, who has spent the week in San Francisco, said he’s hearing that “many of the CEOs out here have had it with younger workers who’re telling them what to do and when and where they want to work”, according to an article published in CNBC.
CEOs have had enough
On Thursday CNBC’s Jim Cramer said that he expects a “tech exodus” from California in the future, with one of the drivers being tech leaders’ dissatisfaction with their employees.
Cramer spent this week in San Francisco, and said he’s hearing that “many of the CEOs out here have had it with younger workers who’re telling them what to do and when and where they want to work.”
“They’re tired of the San Francisco workforce, which they think is full of spoiled nitwits who are there one day and gone the next,” Cramer added.
Relocating from silicon valley
The “Mad Money” host said that such frustration could end up benefiting other parts of the country, with tech firms “moving to areas of the country where they can hire talented people for way less money — people who will have more loyalty to the business and accountability to the CEO, if only because they’ll have fewer options to jump ship.”
Real estates with hefty price
However, Cramer noted that upper management’s issues with their employees are not the only reasons technology companies are planning to relocate away from Silicon Valley. Real estate in San Francisco’s metro area has a hefty price tag, Cramer pointed out, adding he’s “heard Atlanta mentioned several times, Austin is always in the mix, and of course Florida” as potential places to move.
Tech stocks tumbled
Tech stocks tumbled on Thursday along with the rest of the market. The Nasdaq has been mired in a terrible bear market, defined by declines of 20% or more from prior highs. In fact, as of Thursday’s close, the index was down more than 25% from its most recent all-time high back in November 2021.
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Source: CNBC
