Tesla and SpaceX CEO Elon Musk is Texas' latest California transplant.
Musk confirmed his relocation in an interview with the Wall Street Journal on Tuesday, speaking from South Texas.
"For myself, I have moved to Texas," he told the newspaper.
Tesla CEO Elon Musk said he has moved to Texas, becoming one of the highest-profile executives yet to leave Silicon… https://t.co/GDYOnV9S5y— The Wall Street Journal (@The Wall Street Journal)1607459877.0
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 Texas—as reasons for the move.
"California is great," he told the Journal, adding that Tesla and SpaceX continue to manufacture in the state despite the exodus of most other car and aerospace companies.
So what pushed him out?
"I do think that there is something that happens … if a team has been winning for too long," he said during the interview. "They do tend to get a little complacent, a little entitled, and then they don't win the championship anymore. So California's been winning for a long time."
Musk's announcement arrives after months of speculation.
Earlier this 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.
@GerberKawasaki @thirdrowtesla Frankly, this is the final straw. Tesla will now move its HQ and future programs to… https://t.co/IDLjEvXyDW— Elon Musk (@Elon Musk)1589042677.0
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.
In moving to Texas, the billionaire follows many of his companies—including Neuralink and the Boring Company, in addition to Tesla and SpaceX—in planting roots in the Lone Star State.
Now that Musk has confirmed his move, many are wondering: where in Texas has he settled?
Austin, with its forthcoming Tesla Gigafactory and bevy of celebrity residents, could make him feel right at home.
Project Connect is starting to take shape, Capitol Metro announced, and officially beginning with the scoping phase that includes an environmental report set to go on from now to 2022.
The COVID-19 therapeutic infusion center in South Austin is expanding.
The pop-up center opened outside of the Montopolis CommUnity Care location on Jan. 6 with nine infusion chairs and monoclonal antibody treatments donated by area hospitals. Texas Gov. Greg Abbott announced Monday that the center will now offer 33 infusion chairs, thanks to additional support provided by the Texas Division of Emergency Management.
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