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.

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.

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.