Elon Musk Moves to Texas: Top Causes and Effects to Watch Out

Elon Musk, Tesla's CEO, said he moved to the Lone Star State, Texas City from California, during his interview with The Wall Street Journal Tuesday.

From California to Texas

Musk told Matt Murray, the Wall Street Journal's Editor in Chief, that he believes California is taking its success for granted even if many things are great about the state. According to CNN, the second wealthiest person in the world has been hinting at leaving California for a while.

Musk tweeted in May that Tesla would "now move its HQ and future programs to Texas/Nevada immediately" following the refusal of local officials to let the company reopen its Fremont factory due to the COVID-19 pandemic.

Read also: Elon Musk Plans to Move to Texas, Weeks After Becoming World's 2nd Richest Person

Musk cited business interest in Texas

Elon Musk cited other business interests in Texas, which are factors why Tesla and SpaceX's billionaire founder decided to move to the states.

About the massive spaceship and rocket system, which Musk claims the vehicle to bring the first humans to Mars, he said, "We've got the Starship development here in South Texas, where I am right now and we've got big factory developments just outside Austin."

Tesla's Giga Texas factory will be used to build the company's Semi, Cybertruck, Model 3 and Model Y for the eastern area of the United States.

Meanwhile, U.S.Senator Ted Cruz, Texas representative, welcomed Elon Musk upon the news through a Twitter post. "Texas loves jobs & we're very glad to have you as a Texan," wrote Cruz.

Tesla's CEO will save billions of dollars after moving to Texas

CNET reported that the electric car company CEO personally moved out of California following threatening to move Tesla and SpaceX earlier this year. Texas, which has no income tax, had to consider Musk's decision to move in the state. In 2018 Tesla's stock-based compensation package was approved. Elon Musk is expected to earn somewhere north of $50 billion, which would be subject to California's taxes.

Musk did not detail where in Texas he moved to, Daily Mail reported. Moreover, it is unclear if he will buy any property in Texas. Earlier this year, he said that he wants to avoid buying properties and is only interested in renting.

In Austin, a city that also houses a Tesla assembly factory, Musk Foundation officially consolidated its headquarters over the summer. At the same time, Elon spends time in Boca Chica, where there is a SpaceX facility.

Tesla and SpaceX remain headquartered in California up to date, as per Mail. It is also not verified if the CEO will officially move both Tesla and SpaceX to Texas later. Elon Musk did not comment whether their seven-month-old son, X Æ A-X 12, and his partner, Grimes, also made a move.

Musk slowly built roots in Texas recently, putting all his California properties on the market. Allegedly, Elon Musk has been cozied up to Texas Governor Gregg Abbott after clashing with the local officials over the COVID-19 lockdowns.

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