Elon Musk announces a permanent move from California. The Lone Star state (and a possible tax break) welcomes him.
“I have moved to Texas,” said Musk in a live interview with the Wall Street Journal, he didn’t specify where exactly but rumor has it that Austin will now be home to the second wealthiest person on the planet.
The news doesn’t come as a big surprise, Musk’s two biggest projects are already being developed in Texas: SpaceX’s new Starship vehicle and Tesla Inc.’s new Gigafactory, which is under construction. The billionaire also moved his personal foundation to the city of Austin as well.
Over the past few months, Musk has been quite vocal about his frustrations with California’s restrictions and regulations due to the Covid-19 pandemic, he even went as far as to threaten to move his future businesses to Texas or Nevada.
The 49-year old businessman did not leave without making some harsh remarks about California’s impact on worldwide matters and their “complacent” policies.
“Silicon Valley, or the Bay Area, has too much influence on the world, in my opinion,” said Musk. “The Bay Area has outsized influence on the world.”
He also mentioned that the Golden State has grown entitled, taking for granted its “winning streak” and status as an economic giant, thanks to harboring the world’s biggest tech companies.
There’s no doubt that Musk’s move will have a positive economic impact for Texas, with many tech entrepreneurs realizing they don’t need to be in California to be successful anymore.
As one of the first states to lift restrictions during the Covid-19 outbreak, Texas has become an attractive destination for many companies and investors.