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Palantir

is relocating its headquarters to Miami from Denver, the company announced Tuesday in a post to social media platform X.

The software analytics firm is the latest big business to migrate to South Florida as executives seek to transform the region into a hub for innovation.

Florida, which offers a friendlier tax environment, has welcomed a wave of billionaires in recent years. The region is also gaining more executives as California deliberates over a 5% wealth tax on residents with a net worth exceeding $1 billion.