SAN FRANCISCO (Austin Business Journal) — When Elon Musk told shareholders that Tesla Inc. was moving its headquarters from San Francisco to Austin, it made site selection consultants think, “Who’s next?”

Tesla is just another Fortune 500 company to move to the Austin capital in recent years, including Charles Schwab, McKesson, Oracle, Hewlett Packard Enterprise and Core-Mark Holding Co. Inc. Still, Tesla’s prominence and cachet — it’s the ninth biggest public company in the Bay Area-based on revenue — make its departure especially painful.

“Tesla is an important company and we hate it when any company decides to leave the Bay Area and California,” Jim Wunderman, CEO of the business-backed Bay Area Council, said. “But we also know the Bay Area is a place of great resilience, rebirth and regeneration.”

But when I asked Wunderman what it says about the state’s business climate to have Tesla choose Texas, Wunderman said, “The message it sends is that we have to get our house in order on the many challenges facing our state and its business climate.”

You can read the rest of the story on the Austin Business Journal’s website.