Which Bay Area companies made Time’s Top 100 Most Influential list?
Reports of the Bay Area exodus of business have been greatly exaggerated – at least if Time magazine’s new list of the world’s 100 most influential companies is any indication of Silicon Valley’s global reputation.
The list, released Tuesday and first compiled this year, is dominated by the Bay Area and California. Of the 100 companies listed, 23 are located in the Bay Area and another seven are in California – six of them in the Los Angeles area and one in San Diego.
Almost half of the 64 U.S. companies on the list are based in the Golden State, despite a few recent, high-profile announcements of companies moving to low-cost states like Texas and Colorado.
The list comes after a tumultuous year for the US economy, which saw overwhelming unemployment figures as corporate stock prices soared. The shift to everything online has been particularly beneficial for Silicon Valley tech luminaries, such as Zoom in San Jose, DoorDash in San Francisco, and Netflix in Los Gatos, which are now a part of everyday life.
Jensen Huang, CEO of Santa Clara-based semiconductor company Nvidia, told Time he plans a virtual Metaverse that mirrors the real world online, a view popular in sci-fi books and movies such as Neuromancer and The Matrix.
“There will be a new New York City. There will be a new Shanghai. Every factory and every building will have a digital twin that will simulate and track the physical version of it, ”Huang told Time.
Even the future of payments and money is being driven by Bay Area businesses. This includes San Francisco-based payment processor Stripe and San Jose-based PayPal. “People don’t want to manage cash anymore,” PayPal CEO Dan Schulman told the magazine.
Other Bay Area tech companies include social media giants Facebook, Nextdoor and Twitter, as well as Clubhouse. There is also the online course provider Coursera in Mountain View, the fundraising platform GoFundMe in Redwood City, and the shoe company Rothy’s in San Francisco.
The list also includes the tech pillars Apple and Google. Payment company Flutterwave, which operates primarily in African countries, is based in San Francisco, as is short-term rental company Airbnb. Click here to see the full list.
While there are many companies in the Bay Area on the list, some are in the process of leaving the area. The originally San Francisco-based cryptocurrency exchange Coinbase announced earlier this year that it would become a first remote business.
As of January 2020, 29% of its San Francisco employees have left the city, CEO Brian Armstrong said in a blog post, adding that no member of the company’s management team lives in San Francisco or did not plan to work regularly in the office.
Meanwhile, Elon Musk, CEO of Palo Alto-based Tesla, recently moved to Austin where he is expanding operations for Tesla and Los Angeles County-based SpaceX. Earlier this month, however, he made a Twitter appeal that will sound painfully familiar to any Bay Area resident.
“Urgent need to build more housing in the greater Austin area!” he tweeted.