It's not all that bad for the European (and other) countries involved though. A common pattern I've seen in multi-founder companies is for one or more (typically business-oriented) co-founders to move to the Bay and open what is technically the headquarters, while other (usually more technical) co-founders stay in the motherland and keep running a large development shop from there. Kind of like how every US bank needs a big New York office, even if a lot of their work is actually carried out in other parts of the country.