Tesla CEO Elon Musk said he has moved from California to Texas. Musk, in doing so, has joined several other Americans, who have done a ‘pandemic move’. He also added that Tesla and SpaceX will continue to operate in California. Musk let the news of his move slip during an interview for The Wall Street Journal annual CEO Council summit.
Musk, referring to the Tesla factory outside Austin and the SpaceX facility near the village of Boca Chica, said two of his biggest projects are now based in Texas.
Musk sold all four of his homes in California for a whopping $62.5 million. Justifying his move, Musk said that Silicon Valley, home to some of the largest and most influential companies in the world, was declining in relevance.
Leaving California seems to have been on Musk’s mind for a while now. On May 1, the new dad tweeted, “I will own no home.”
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Besides being closer to his companies and various projects in the state, the billionaire, who is slated to earn more than $50 billion in stock options, also hopes to save a lot in tax money by moving to Texas. Had he continued living in California, Musk would have had to pay income tax on the profits when he decides to claim them.
Musk, whose net worth is now $128 billion, in November surpassed Bill Gates to become the second-richest man in the world.
