> I think most of this is tax driven.

Disagree. Research has consistently shown that American multinationals consistently apply better corporate management practices than their European counterparts.[1] This is especially true in IT-intensive industries.[2] This is true even when comparing American multinationals operating in Europe.

Any sufficiently large company in a globally integrated, competitive industry, is going to reap potentially large efficiency gains by replacing European management with American management.

[1]https://nbloom.people.stanford.edu/sites/g/files/sbiybj4746/... [2]https://nbloom.people.stanford.edu/sites/g/files/sbiybj4746/...