Elon Musk, CEO of Tesla, in Grunheid, near Berlin, on September 03, 2020. The giant electric car company is talking to the media when it arrives to visit Tesla’s construction site.
Odd Anderson | AFP | Getty Images
Tesla CEO Elon Musk put his California homes on the market this year as he clashed with state legislators over the Covid-19 ban. Together they are expanding operations in Texas and Republican governance. Greg Abbott cooperates.
Now, many of his close friends and associates say Kasturi has told him he plans to move to Lone Star State. People familiar with his plans asked not to be named because their conversation was private.
Musk, Texas, the second richest man in the world, often lives behind Amazon’s Jeff Bezos. He spends most of his time between Austin and Stein, where Tesla and its tunnel start-up boring company operates, and a coastal village called Boca Chika, home to the SpaceX facility. SpaceX began operations in Texas in 2003.
All you need to do is follow Musk on Twitter to see his presence in the state, as he often posts photos and videos from SpaceX’s testing and launch site called Starship Production Complex.
California, largely criticized by super aristocrats for its high tax rates and stringent regulations, has seen significant emigration of technical names during the epidemic as companies look to reduce costs and prepare for the future of distributed work. The state is compared to a championship sports team that gets happy and has a developed-too-long problem.
In May, businesses in California were forced to close due to the epidemic, so Musk tweeted that it was heading for future development from Tesla’s headquarters and from California to Texas and Nevada.
Leaving California, with the highest income tax in the country, and in Texas, which does not have a state income tax, could save billions of dollars given by Musk in 2018 based on its compensation package. Kasturi was given 101.3 million options (adjusted one after the other this year to split the 5-for-1 stock) which becomes waste over time as the company hits several targets, including the market cap number.
Shares of Tesla jumped 782% last year. As of October, Musk currently received about 20 20 billion worth of awards before taxes, which is a fraction of the total, based on Thursday’s closure.
No idea of wealth
Nailing at any time where the musk remains is a challenge as it claims to be Sale of all “physical propertyAnd in May he tweeted that he “will have no home. “Shortly after that, he put up many California homes for sale. CNBC was unable to find any public records indicating that he had changed his residence and the White Pages online database still lost his primary address. Listed as Angeles.
People who know him well and are familiar with his general plans to move to Texas say they don’t know he’s okay when he’s there and try to keep those details private.
The state’s top legislator, Governance B Boat, certainly feels like Kasturi is moving forward.
In July, Abbott told CNBC’s “Squawk Bx” that Musk had told him he would get a Texas driver’s license and that he was now a “enthusiastic Texan.” Abbott also said his next move in the Muscat state. Tesla is building the factory because it will give them “the freedom to expand the way they wanted to.” When contacted for this story, Abbott’s spokesman declined to comment further on Musk’s plans.
Austin officials paid the company millions of dollars in property taxes to help lure Tesla’s new factory. On the company’s second-quarter earnings call in July, Kasturi confirmed that the plant would occupy about 2,000 acres 15 minutes from downtown and be used to build a cybertruck, its Semi, Model 3 and Model Y. Musk said the factory will begin delivery of the car next year.
In addition to SpaceX and Tesla, Musk’s boring company has an office fee in Texas. The seven job openings of the newborn company on its website are for positions in Austin, and Musk has hinted at building a tunnel there. Bored company investor Joe Lonsdale, co-founder of Palantir and a friend of Musk, recently moved from Silicon Valley to the Stein area.
For now, Tesla is still headquartered in Palo Alto, California, and the company continues to build cars in nearby Fremont. SpaceX’s main address is on 1 Rocket Road in Hawthorne, Los Angeles County.
But Musk’s personal financial reasons for leaving California are significant. Under its 10-year return package in 2018, Kasturi could receive more than 50 50 billion in stock and awards in 12 branches – it has already reached fourth place. He will have to pay income tax on profits when he uses the options. The state’s top income tax rate in California is 13.3%. In Texas, it’s zero.
Musk’s rewards began when the company reached 100 billion dollars in market cap with specific metrics for revenue or adjusted earnings. Every billion 50 billion increase in market cap, up to 50 650 billion in total market value, second payments if met with revenue or profit target. The company is already valued at 5 550 billion after starting the year below 100 100 billion.
During the third quarter, the second and third tier were occupied, and the fourth was achieved in October, the company said in its last quarterly report. Which is about 33.8 million out of 101.3 million shares. In order for the package to remain intact, the Musk CEO or Executive Chairman and Chief Product must remain Fischer.
Kasturi and a spokesman for Tesla and SpaceX did not immediately respond to a request for comment.
See: Texas Gov. Greg Abbott at Tesla’s new Austin factory
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