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Broadcom Moving Headquarters Back to the U.S.

President Donald Trump on Thursday announced that semiconductor giant Broadcom is moving its headquarters back to the U.S. from Singapore.

Broadcom will legally relocate to Delaware upon shareholder approval of the proposed relocation.The move is said to carry the potential of bringing over $20 billion in revenue to the U.S.

Following the news, shares of Broadcom were falling over 2% in afternoon trading on Thursday on heavy trading volume.

The move follows pledges from Trump both from the campaign trail and his early days in office to bring more companies and jobs to the U.S., long advocating for "buy American and hire American."

"We're going to find out how we bring more jobs back," Trump said at a meeting with several CEOs in February. And PolitiFact found evidence that companies moving back and creating jobs in the U.S. has increased under Trump.

The move by Broadcom follows similar steps by the likes of many companies increasing jobs in the U.S. including Ford (F - Get Report) , Foxconn (FXCOF) , Toyota (TM - Get Report) and Mazda (MZDAF) .

In January, Ford said that instead of building a plant in Mexico it would invest $700 million in the U.S., expanding its plant in Flat Rock, MI.

Toyota and Mazda both announced in August that the two had entered into a partnership to build a $1.6 billion U.S. assembly plant that would create up to 4,000 jobs.

In July, Foxconn, the world's largest contract manufacturer of electronics, said that it was bringing a 20 million-square-foot facility to Wisconsin with the potential to employ 13,000 people at an average salary of $53,000 annually, plus benefits, according to Wisconsin Governor Scott Walker. Its opening is slated for 2020 when it will initially house 3,000 employees.

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