California is in decline. The Golden State lost population in 2020 for the first time in decades, and the exodus included celebrity entrepreneurs like Elon Musk and Joe Rogan. A long list of businesses, some as well known as Disney, Hewlett-Packard, Nestle, and Toyota, have either relocated or sent some jobs outside of the state in recent years.  

But just how bad have things really gotten in California? A new study from the Hoover Institution at Stanford University analyzes the anecdotes and finds a damning trend. 

Authors Joseph Vranich and Lee E. Ohanian examined available reports of companies relocating their headquarters outside of the Golden State. They find that 265 major companies have moved on to greener pastures since January 1, 2018.