Elon Musk confirms it: He has moved to Texas

Elon Musk confirms it: He has moved to Texas


Billionaire and technology executive Elon Musk confirmed to the Wall Street Journal, that he has moved to Texas, but did not say where in the state he now calls home.

Elon Musk says he is now a resident of the Lone Star State. 

"Yes, I have moved to Texas," Musk, the billionaire CEO of electric automaker Tesla and aerospace company SpaceX, said Tuesday during a video interview at the Wall Street Journal CEO Council Summit.

Musk did not say where in Texas he has moved. 

Musk -- currently the world's second-wealthiest person behind Amazon founder Jeff Bezos -- said a move to Texas has been in the works for months. He said he already spent significant time in Texas, as Tesla and SpaceX both have significant operations in the state. 

Tesla is currently building a $1.1 billion assembly facility near Austin, and SpaceX has a launch facility in South Texas. In fact, Musk said he was speaking from the SpaceX facility in Boca Chica on Tuesday.

"The two biggest things that I've got going on right now are the starship development here in South Texas, which was set in motion five years ago, and then the big new factory development for Tesla, which is called GigaTexas, just by Austin. Those necessarily drive the use of my time here," Musk said.

Musk also recently relocated his private foundation to Austin. Bloomberg news service reported that the Musk Foundation, which was based in California, created an entity in Austin over the summer. The two entities then merged, according to a certificate filed with the Texas Secretary of State in October that Musk signed, and the resulting entity is now based in the Austin area.

Musk's Tuesday comments came after months of hints that he was considering a move to Texas. CNBC reported last week that some of Musk's friends and acquaintances said Musk had told them he planned the move. 

Austin has increasingly become a hub for Musk's companies. In July, Musk announced that Tesla would build a $1.1 billion Austin area manufacturing facility, where the company will produce its Cybertruck, Semi, Model 3 compact sedan and Model Y vehicles. It's also possible the factory, which could employ as many as 5,000 people, will produce battery cells, according to documents filed with the state.

Construction of the factory in southeastern Travis County is moving fast, with plans to start rolling out vehicles as early as next year.  The company received tax breaks approved by Travis County and the Del Valle Independent School District that are valued at a minimum of about $60 million combined as part of an incentive deal to build the factory in the area.

The Boring Company -- Musk's tunneling and infrastructure transportation firm -- also has an Austin presence. The company, in a cryptic November tweet, posted job openings for Austin in both engineering and operations. 

A move to Texas could potentially save Musk millions of dollars in income tax.  Texas has no state income tax, while California has the highest tax in the nation. 

Musk has been critical of California in recent months, amid disagreements with lawmakers during the pandemic.

In his interview with the Journal, Musk compared California to a championship sports team that has won for too long. He also said Silicon Valley is declining in relevance.

"If a team is winning for too long, they tend to get complacent,” Musk said. “California has been winning for a long time, and I think they’re taking it for granted.”

In May, amid a public spat with California lawmakers, Musk tweeted that he would move Tesla headquarters and future operations to Texas and Nevada, after his Fremont, Calif., factory remained shut down due to the state's COVID-19 restrictions. No change of headquarters for the Palo Alto, California-based company has followed so far.

The move to Texas also follows a tweet in May in which he said he was selling his properties and would own no home or "physical possessions." He proceeded to list several of his California properties for sale.  



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