Billionaire tech mogul Elon Musk has told friends that after getting fed up with higher taxes and regulations in California, he plans to move to Texas.
The 49-year-old has been hinting for months that he could crush Golden State, and he currently spends time between LA and SpaceX facilities in Texas.
But he has now told friends and associates that he is considering making the move permanent, anonymous sources told CNBC.
The CEO of Tesla and SpaceX has had a tumultuous relationship with California for months.
In the spring, he fought with California lawmakers over coronavirus sanctions that prevented him from reopening the Tesla factory in Fremont, near San Francisco.
In April, he called the lockdown rules fascist and said: “Give people back their glorious freedom.”
Soon in May he announced that he would move his Tesla headquarters to Texas or Nevada and begin cooperating allegedly with Texas Governor Greg Abbott.
It is said that the highest paid CEOs in the U.S. are considering moving to Texas, which does not have state income tax and could save billions.
Musk has also been a critic of California’s tax policies, claiming he has developed a “winning-f-win-long problem” that is pushing the super-rich.
The CNBC report cites several anonymous sources who claim to be aware of his movement’s plans – but does not know where he plans to build his base in Lone Star State.
Entrepreneur, who surpassed Bill Gates to become the world’s second richest man after Amazon’s Jeff Bezos last month and is now worth an estimated b 1 billion, already has a significant presence in Texas.
Its SpaceX program has been based in Texas since 2003.
It operates outside the coastal village of Boka Chika, near Brownville, at a launch site known as the St Brown Naship Production Complex.
SpaceX was founded in 2002 to design and launch state-of-the-art rocket and spacecraft and has been based in Texas since 2003.
Tesla’s second auto-factory is set to open near Austin and its tunnel start-up, The Boring Company, is also leasing in the state.
Bored company investor Joe Lonsdale, co-founder of Palantir and a friend of Musk, recently moved from Silicon Valley to the Stein area.
Moving to Texas could potentially save Musk billions of tax dollars based on its 2018 Tesla return package, which the company rewards when it hits certain targets.
Greg Abbott, Texas’s top legislator, said Musk chose Texas because of its “independence.”
The company is already valued at 5 550 billion after starting the year below 100 100 billion.
California has the highest income tax in the country at 13.3%, while Texas has no state income tax.
Musk is currently in the U.S. Has the highest paid CEO in the world, with an estimated m 600 million.
As of October, Kastut had received about ડ 20 billion worth of awards before the tax.
Governance of Texas. Abbott has welcomed Musk with open arms, and seems to confirm the CEO’s planned move over the summer.
In July, he told CNBC’s Squawk Box that Musk had told him he had obtained a Texas driver’s license and was now a “bona fide taxon.”
Abbott also said Kasturi was building his next Tesla factory in the state because it would give him the freedom to “expand the way he wanted to.”
Tesla has received reports of millions of dollars in property tax violations from Tesla to build a new factory in the state.
After announcing the company’s return in May, Musk revealed in a series of bizarre tweets that his aim was to sell ‘almost all physical assets’.
‘Building not building,’ Kasturi wrote.
Kasturi then quickly listed seven California homes for sale, valued at 137 million.
The billionaire initially listed two Bell properties on the lake. This property was listed for M 30M. It was bought by Musk in 2012 for 17 million
This image shows the four houses that Musk recently listed on the district combined for .562.5million. The houses (circled above) are within walking distance of each other
The house was bought by Musk last year. Paid Kasturi.4 6.4 million for this residence located on Somra Road
Elon Musk listed five California properties worth. 5.5 million, about two weeks after he marketed the two airlines for 5 39.5 million after promising to sell his material assets. The house sits on Challan Road in Los Angeles
The fifth home, located in Hillsboro, California, is listed at m 35 million. Kasturi bought the Hillsborough home in June 2017 for 23.3 million. The 16,000-square-foot mansion sits on 47.4 acres of land and has 10 bedrooms and 10 baths.
A few days after the bizarre Twitter rent, Elon Musk has put two of his California homes on the market.
Four Los Angeles homes were on the ઝ 62.5 million price list as a multi-property listing on the lake.
He also listed two Bell Air properties, one worth m 30 million.
The 16,251-square-foot mansion has six bedrooms, 11 bathrooms, a two-story library, swimming pool and tennis courts.
Currently, Tesla is headquartered in Palo Alto, California and the company continues to build cars in nearby Fremont.
Kasturi and a Tesla spokesperson have been contacted for comment.
And Kasturi is not the only tech giant to abandon California.
Hewlett-Packard Enterprise announced this week that it is moving its global headquarters from Silicon Valley to Texas.
The tech giant was founded in a small garage in 1939, and later helped launch the Silicon Valley Boom which made the bay area a technical hot spot.
The company announced the relocation to the Houston suburb of Spring on Tuesday.
The company is building a 440,000-square-foot campus in two five-story buildings. It is set to be completed in 2022.
The relocation will increase the company’s presence in the region, which is already home to more than 2,600 employees, said Greg Abbott of the Texas government. The company also has locations in Austin and Plane.
Hewlett-Packard Enterprise said this week that it is moving from its global headquarters in California to Texas. The company is building a 440,000-square-foot campus in two five-story buildings, according to an architect’s drawing. It is set to be completed in 2022
Hewlett-Packard Enterprise was formed in 2015 when computer hardware pioneer Hewlett-Packard Inc. Consumers were torn in two after years of struggling to keep up with industry trends such as moving away from personal computers.
With the split, a new company, HPE, is focusing on sales of data center hardware and business software, while another new company, HP Inc., is operating legacy PCs and printers.
H.P. Inc. is still headquartered in Palio Alto, California and is the largest of the two companies in terms of revenue.
Scientific, Svalbard and DZSA have also landed on Lone Star State, CNNports.