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Musk Reportedly Told Friends He Plans To Move To Texas

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Tesla CEO Elon Musk's friends and associates say he has told them he is moving to Texas, although there is no record of a change in residence yet, reports CNBC.

Elon Musk visits Texas frequently and has several businesses there. Not only he is building Tesla's Giga Texas factory, which is Tesla's 5th Gigafactory in Austin, but also his SpaceX is in Texas as well. Besides these two businesses, his Boring Company also has an office in Texas. In fact, 7 of the Boring Company's 17 job openings on its website are for positions in Austin, and Musk has hinted at building a tunnel there. "Boring Company investor Joe Lonsdale, a co-founder of Palantir and friend of Musk's, recently relocated to the Austin area from Silicon Valley," CNBC reports.

In an article, published yesterday by Ari Levi and Lora Kolodny, "several of his close friends and associates say that Musk has told them he's planning to move to the Lone Star State. The people with knowledge of his plans asked not to be named because their conversations were private." See the reference to CNBC's report below.

In May 2020 Musk vowed to move Tesla out of California.

"Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependent on how Tesla is treated in the future. Tesla is the last carmaker left in CA," Musk wrote on Twitter.

CNBC also notes that getting out of California, with the highest income tax in the country, and into Texas, which has no state income tax, could save Musk billions of dollars based on his compensation package awarded in 2018.

Do you think Elon Musk will eventually move from California to Texas?

Armen Hareyan is the founder and the Editor in Chief of Torque News. He founded TorqueNews.com in 2010, which since then has been publishing expert news and analysis about the automotive industry. He can be reached at Torque News Twitter, Facebok, Linkedin and Youtube.