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Following in the footsteps of his companies Tesla, SpaceX, Neuralink and the Boring Company, Elon Musk may be considering a move to Texas.


The second wealthiest person in the world has told close friends and associates he is planning a relocation, CNBC reported on Friday.

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

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, which has drawn many companies, including Apple, Amazon, Facebook, Google and Oracle in recent years.

If Musk does move, he could potentially save billions of dollars in taxes on his Tesla compensation package, which ties pay to certain milestones.

Musk recently surpassed Microsoft billionaire Bill Gates to become the second wealthiest person in the world, behind only Amazon's Jeff Bezos, according to Bloomberg's Billionaire Index.

Also adding fuel to the fires: Musk signed a letter of intent to sell his properties in Los Angeles over the summer, according to reports.

Musk has already threatened to move Tesla's headquarters out of California, either to Texas or Nevada, another state that does not levy a state income tax.

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 has appeared multiple times, also recently moved his business.

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

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