Elon Musk, the boss and CEO of Telsa and SpaceX, the inventor, investor and capitalist, has finally divorced California, where he has operated from for about 25 years, moving to Texas for better opportunities.
Elon Musk told Wall Street Journal, editor in chief Matt Murray at a CEO Council Summit, “For myself, yes, I have moved to Texas. We’ve got the Starship development here in South Texas where I am right now. We’re hopefully going to do a launch later today. And then we’ve got big factory developments just outside of Austin for Giga Texas as well.”
With Tesla’s soaring stock price, Musk has become America and the world’s, second-richest person alive.
Moving to Texas presents Musk with the possibility of avoiding a 13.3% state income tax on the capital gains he makes in the event he sells Tesla stock or receives bonuses. Although California’s Franchise Tax Board can be known for their active pursuit of income taxes across state lines, meanwhile, Texas has no personal income tax.
Speaking on California’s business climate, Musk compared Golden State to a sports team that started winning for so long that its players take things for granted and get complacent and entitled and “…then they don’t win the championship anymore.”
Elon Musk said he still has a large corporate presence in California and observed, “Tesla is the last car company still manufacturing cars in California. SpaceX is the last aerospace company still doing significant manufacturing in California.”
He then made his point stronger at the Wall Street Journal CEO Council summit on Tuesday saying, “There used to be over a dozen car plants in California. And California used to be the centre of aerospace manufacturing. My companies are the last two left.”