Tesla CEO Elon Musk has joined one-fifth of Americans who’ve finished a “pandemic transfer.” After spending most of his life in Silicon Valley, Musk has relocated to Texas.
The Tesla CEO let that information slip throughout an interview for The Wall Road Journal’s annual CEO Council summit. He cited the development of a brand new Tesla manufacturing facility exterior Austin, in addition to Area X’s deliberate launch website close to the South Texas village of Boca Chica, as a consider his transfer. CNBC reported last week that Musk was contemplating relocating to Texas.
He additionally criticized California’s financial atmosphere as one more reason. “If a crew is successful for too lengthy, they have a tendency to get complacent,” Musk stated. “California has been successful for a very long time, and I feel they’re taking it with no consideration.”
Musk argued that Silicon Valley, residence to a number of the largest and most influential corporations on this planet, was declining in relevance.
Evidently leaving California has been on Musk’s thoughts for some time now. On Might 1st, he tweeted, “I’ll personal no residence.” Later, it was reported that he sold all four of his homes in California for a mixed $62.5 million.
It’s not nearly being nearer to his corporations’ numerous tasks in Texas. Musk additionally stands to save lots of some huge cash on earnings taxes by transferring to the Lone Star State. The billionaire CEO is slated to earn greater than $50 billion in inventory choices, and he must pay earnings taxes on the income when he workouts them if he remained in California. Texas, nonetheless, has no personal income tax.
Musk not too long ago surpassed Invoice Gates because the second richest man in the world. His internet value now sits at round $128 billion, after growing by $100 billion this yr. He gained one other $10 billion on December eighth, as Tesla’s inventory shot up with the information that the corporate deliberate to do its second $5 billion capital raise prior to now three months. He’s now about $80 billion shy of catching as much as Amazon CEO Jeff Bezos.
