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Tesla CEO and new Texan Elon Musk is now the richest person in the world
(Bob Daemmrich)

Tesla CEO and recent Texas transplant Elon Musk has surpassed Amazon CEO Jeff Bezos to become the wealthiest person in the world, according to Bloomberg's Billionaires Index.


"How strange," the South African entrepreneur tweeted on Thursday in response to the news.

Musk is now worth $188.5 billion, compared to Bezos' $187 billion, thanks to Tesla's rising stock prices, which have increased nearly 750% since 2019.

As a result, Musk's net worth has skyrocketed over the last year in what Bloomberg called "possibly the fastest bout of wealth creation in history."

Musk, who is also the CEO of SpaceX, Neuralink and the Boring Company, announced last month that he had moved to Texas from California. Austin realtor Cord Shiflet confirmed to Austonia that Musk and his representatives have been touring area properties.

Musk cited his two biggest projects—the forthcoming $1.1 billion Tesla Gigafactory in Southeast Travis County and the Starship prototype that SpaceX is developing in South Tesla—as reasons for the move.

Last year, Musk chafed against COVID-19 regulations in the state of California, where Tesla operates a factory, and threatened to move the company's headquarters.

There is also the issue of taxes.

California has the highest income tax rate of any state in the country. Texas, on the other hand, has none. By relocating, Musk could save potentially billions of dollars in taxes on his Tesla compensation package.

Assuming the five-county Austin metro has a median annual income of $71,576 and a population of 2.23 million people, as reported by the U.S. Census Bureau, Musk's net worth is greater than the annual income of the entire metro population.


More on Elon Musk:

Elon Musk tells friends he is moving to Texas. Could he land in Austin?

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A mortgage banker walks us through the math on purchasing a 'mid-price' Austin home
Shutterstock

So you want to buy a house?

To anyone trying to get on the "housing ladder," it's been a discouraging couple of years as prices skyrocketed in a market crowded with buyers bidding against each other for just about any available home.

Things may be calming down, with the Austin Board of REALTORS reporting fewer sales and more available homes this summer.

Mortgage rates have more than doubled in the last year, from around 3% to well over 6% on a 30-year fixed rate loan, getting even more of a bump this week after the Federal Reserve raised bank rates on Wednesday.

So how affordable are homes right now? That, of course, depends on what you want and how much you're able or willing to pay, but here are some rough estimates of what a typical buyer would pay to buy a $650,000 home, which would be considered "mid-price" in today's market.

Mortgage banker Chris Holland (NMLS 211033) of Austin's Sente Mortgage ran some numbers for Austonia to illustrate a typical purchase.

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Fall camping: Camp Fimfo Waco offers one-of-a-kind experiences in the heart of Texas
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Camp Fimfo Waco, a brand new camping resort, is kicking off football and fall camping season in style! With top-notch amenities, premium accommodations, and 10 weekends of fall fun, there’s no better place to have a fall camping getaway, especially if you’re a Baylor football fan!

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