Tesla CEO Elon Musk moves his foundation to Austin, stoking rumors that he may soon follow

Tesla CEO Elon Musk has moved his private Musk Foundation to Austin, further fueling rumors that he is planning a move to the Lone Star State.

The California-based foundation created an entity in the Texas capital over the summer, Bloomberg reported Monday. The two merged, according to an October filing with the Texas Secretary of State, and the surviving entity is located in downtown Austin.

The foundation, which Musk created in 2001, supports renewable energy, human space exploration and pediatric research; science and engineering education; and the development of artificial intelligence.

Musk has reportedly told close friends and associates he is planning on moving to Texas. In addition to his foundation, his other companies Tesla, SpaceX, Neuralink and the Boring Company have already planted roots in the state.

Musk has chafed against COVID-19 regulations in the state of California, where he currently lives and where Tesla operates a Gigafactory. Earlier this year, Musk reopened the electric automaker's Fremont factory in defiance of a counter shelter-in-place order meant to curb the spread of the virus.

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. If Musk does move, he could potentially save billions of dollars in taxes on his Tesla compensation package.

Musk also signed a letter of intent to sell his properties in Los Angeles over the summer and has threatened to move Tesla's headquarters out of California.

If Musk does make good on his plans, he may land in Austin, where the latest Tesla Gigafactory is set to open this spring and where Joe Rogan, on whose podcast he is a frequent guest, recently moved his business.

Musk's "Fitbit for your brain" startup Neuralink and underground tunnel venture The Boring Company are also hiring locally.