Several of Muska’s close friends and colleagues learned that he had decided to move to Texas, CNBC reports. The businessman now officially lives in California, where the United States has the highest income tax. He is not in Texas
Photo: Jae C. Hong / AP
Elon Musks, founder of Tesla and SpaceX, told several of his close friends and colleagues that he plans to move from California to Texas, CNBC reports.
According to him, Musks has been in Texas a lot lately. He spends most of his time in Austin, the state capital of Tesla and its new Boring Company, and in the coastal village of Boca Chica, where the SpaceX facility is located.
Muska’s main residence is now in Los Angeles. Tesla’s headquarters in Palo Alto, Hawthorne, California are listed as SpaceX’s headquarters.
At the same time, California has the highest income tax in the United States, and “Moving could save billions of dollars by moving from that state,” CNBC notes. The Texas tax rate is zero.
Forbes argued with Bloomberg over Muska’s place on the list of the richest people in the world