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Elon Musk confirms that he moved to Texas
09.12.2021 [08:05],
Alexey Razin

The founder of Tesla and SpaceX, Elon Musk, although he admitted that he spent a significant part of his life in California, has recently often criticized local laws and regulations. His intentions to move to Texas became known the day before, and now the billionaire himself has confirmed that he has moved from California to a new place of residence.

Image source: CNBC

As noted earlier, Musk had spent a lot of time in Texas before, as the state is home to the Boring Company office and SpaceX launch pad. In an interview with The Wall Street Journal, according to CNBC, the head of both companies admitted that he personally really moved to Texas, but this will not affect the business of Tesla and SpaceX in any way. The companies will retain their manufacturing base in California, although this also does not cancel the construction of Tesla’s facility in Texas.

Musk in his comments told about the sad, according to him, statistics for California. Once there were more than twelve car assembly plants in the state, now only Tesla carries out such activities. Aerospace company SpaceX, founded by Musk, also does not observe the profile activity of competitors in California, although it was previously quite high.

Experts believe that Musk moved to Texas was forced by a banal desire to save on taxes. In California, his income would be taxed at a rate of 13.3%, excluding federal taxes, and the state of Texas does not additionally tax its citizens’ income. Elon Musk’s wealth is growing rapidly, by the end of this year he has already risen to the second line in the ranking of the richest people in the world according to Bloomberg. Moving to Texas will ultimately save him several billion dollars.