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Elon Musk Moved to Texas: Tesla CEO is a Texan Now

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Tesla, Inc. CEO and Chief Designer of SpaceX, Elon Musk, has confirmed his residential move to Texas as of December 8th. Our state is currently home to operations of several of his businesses. “Yes, I have moved to Texas,” Musk said Tuesday during a video interview at the Wall Street Journal CEO Council Summit. The exact region of Texas has not been identified.

Automaker Tesla is constructing a $1.1 billion assembly facility near Austin, and SpaceX has a launch facility near Brownsville. These sites were noted by Musk as reasons to move to the Lone Star State. “The two biggest things that I’ve got going on right now are the starship development here in South Texas, which was set in motion five years ago, and then the big new factory development for Tesla, which is called GigaTexas, just by Austin. Those necessarily drive the use of my time here,” Musk said. The assembly facility is planned to open in 2021. Tax breaks are valued at a minimum of $60 million.

Elon Musk Moved to Texas: Tesla CEO is a Texan Now

Photo: @Colin_Irish452 via Twenty20

Additionally, the Musk Foundation created an entity in Austin over the summer, then merged the entity with the California group, officially transitioning the foundation to Austin. The move has further benefits as Musk is, at present, the world’s second-wealthiest person, and Texas does not have a state income tax. California has the highest state income tax in the nation. Musk’s beef with California also ties to the COVID-19 restrictions of the state.

Also announced on Tuesday, Tesla is looking to raise up to $5 billion in capital through a stock offering. The stock will be sold through 10 different brokerage houses, and each will get up to a 0.25% commission. Texas is home to 15 Tesla showrooms.

What do you think of Musk moving to Texas? Is it a good move for the Tesla CEO?