Billionaire Elon Musk said Tuesday that he has relocated his personal residence California to Texas.
According to Elon Musk, 49, he wanted to focus more on Tesla Inc’s new electric car plant and his SpaceX venture in the South state.
“For myself, yes, I have moved to Texas,” Musk told Wall Street Journal editor in chief Matt Murray at a CEO Council Summit. “We’ve got the Starship development here in South Texas where I am right now. We’re hopefully going to do a launch later today. And then we’ve got big factory developments just outside of Austin for Giga Texas as well.”
“It wasn’t necessarily a great use of my time here (in California)” he added.
California has just lost its wealthiest taxpayer. He was just named the second-wealthiest person in the world by the Bloomberg Billionaire Index.
In the summer, Tesla chose the Austin area as the new site for its largest auto assembly plant, that could possibly employ not less than 5,000 workers. The plant will be located on a 2,100-acre area near Harold Green Road and State Highway 130.
In the wake of the pandemic, Musk has been threatening to move Tesla’s headquarters to Texas and Nevada in May. He also placed his California properties on the market earlier this year, CNBC report said.
According to CNBC, SpaceX also has a launchpad in south Texas, and has been operating in Texas since 2003.
Texas will likely offer some tax reprieve for the Tesla owner. Because it does not collect personal income tax while California has some of the highest state tax rates in the United States.