Tech elites are making moves out of San Francisco as they rethink the area’s costs, political climate, and safety

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on the future of Silicon Valley, a private-equity titan’s relationship with a Texas investor embroiled in a political scandal, and the rise and fall of the world’s oldest advertising agency.



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Tony Hsieh, the former CEO of shoes and clothes retailer Zappos, has died at age 46 following injuries sustained in a fire. 

Hsieh (pronounced shay) retired from Zappos in August after 20 years with the company, staying on long after he sold the company to Amazon for $1.2 billion in 2009. He was widely known for his efforts to regenerate the downtown Las Vegas area, and for his commitment to holacracy, a manager-free operating structure. 

Zappos’ current CEO,

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Tech’s flight from San Francisco is a relief to some advocates

SAN FRANCISCO — When Chirag Bhakta saw a headline recently that said tech workers were fleeing San Francisco, he had a quick reaction: “Good riddance.”

Bhakta, a San Francisco native and tenant organizer for affordable housing nonprofit Mission Housing, is well-versed in the seismic impact that the growth of the tech industry has had on the city. As software companies expanded over the past decade, they drew thousands of well-off newcomers who bid up rents and remade the city’s economy and culture.

He said the sudden departure of many tech workers and executives — often to less expensive, rural areas where they can telecommute during the coronavirus pandemic — reveals that their relationship with San Francisco was “transactional” all along.

“They used their capital to radically shift the makeup of poor, working-class communities,” Bhakta said. “We’re left with ‘for sale’ signs and price points that are still out of reach

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Tech icon criticizes San Francisco, announces move to Florida: ‘Impossible to stay here’

Bay Area tech icon Keith Rabois announced he’s leaving San Francisco permanently — and he is criticizing the city on his way out.

Rabois, an early executive at PayPal, Square, LinkedIn and more, told Fortune he is “moving imminently” because he’s finding it “impossible to stay” in San Francisco. After living in the Bay Area for 20 years, he said he plans on moving to Florida.

“I think San Francisco is just so massively improperly run and managed that it’s impossible to stay here,” Rabois told Fortune. He told the publication other friends in his peer group have done the same, and a look at his Twitter account shows multiple tweets about the so-called San Francisco exodus.

Rabois is a legend in Silicon Valley as an investor and a tech exec. He rose to prominence as part of the PayPal Mafia,

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