Elon Musk Plans to Live in TexasJanuary 4, 2021
The CEO of Tesla and co-founder of SpaceX, Elon Musk, has reportedly told associates that he plans to move to Texas. The entrepreneur put his California houses up for sale this year after having some controversies with state officials about Covid-19 restrictions. The billionaire has also begun expanding business operations in Texas while opening lines of communication with the republican governor of the Lone Star State.
This news comes from several friends and confidants of the tech mogul, but these people asked that the media not mention their names because the information was derived from private conversations with Musk.
Elon, who recently rose to second place among the world’s wealthiest billionaires, has been making frequent trips to Texas recently. He has spent considerable amounts of time in Austin where one of his new startup ventures, The Boring Company, has some offices. Musk also visits a Texas facility of his space exploration company in the small town of Boca Chica. Elon began expanding his business operations into Texas in 2003.
Musk has been active on Twitter describing his business aspirations and accomplishments in Texas for a number of years. He has posted photos of the SpaceX launch site in Texas called the Starship Production Complex.
During the 2020 pandemic, other technology businesses and entrepreneurs have made similar moves out of California because of high tax rates and tough health guidelines. Companies have been motivated to find ways to cut costs and look for new business models of distributing their workforces.
Elon Musk has been one of the most outspoken critics of California’s treatment of businesses in the state. Elon Musk revealed in a Tweet in May that he planned to move facilities to Nevada and Texas. This message came during a time when many businesses had been forced to stay closed due to the threat of the virus.
Given that California has the highest level of personal income tax and Texas has none, Musk stands to save billions of his personal income from taxation. This is somewhat due to the new compensation package that Musk was awarded from Tesla in 2018. The package gave Musk over 101 million stock options in the company that pay out billions to the CEO at predefined business milestones at Tesla.
The exact location of Musk’s official residence has been difficult to define. Recent internet searches for his home address list it as simply the city of Los Angeles. Governor Abbott of Texas has stated to media representatives that Musk owns a Texas driver’s license, and he considers the businessman to be a genuine resident of the state.