65ºF

Will Tesla CEO Elon Musk be moving to Texas soon?

Musk’s friends and family say it’s a strong possibility, according to CNBC

FILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. In a tweet on Thursday, Aug. 27, Musk solved a mystery involving a 27-year-old Russian who prosecutors say flew to the United States to offer a major-company insider $1 million to assist in a ransomware extortion attack on the firm. According to the billionaire, the scheme took aim at the electric car companys 1.9 million-square-foot factory in Sparks, Nevada, which makes batteries for Tesla vehicles and energy storage units. (AP Photo/Susan Walsh, File)
FILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. In a tweet on Thursday, Aug. 27, Musk solved a mystery involving a 27-year-old Russian who prosecutors say flew to the United States to offer a major-company insider $1 million to assist in a ransomware extortion attack on the firm. According to the billionaire, the scheme took aim at the electric car companys 1.9 million-square-foot factory in Sparks, Nevada, which makes batteries for Tesla vehicles and energy storage units. (AP Photo/Susan Walsh, File) (Copyright 2020 The Associated Press. All rights reserved.)

With electric car giant Tesla in the process of expanding its operations near Austin, and after gussying up to Gov. Greg Abbott in July, rumor has it that Tesla CEO Elon Musk may also be moving to the Lone Star State.

According to a report from CNBC, Musk, the second-richest person in the world, has already listed his California homes on the market while “sparring with state lawmakers over COVID-19 restrictions.” Now, CNBC reports that some of his family and friends claim Musk is in the process of moving to Texas.

Musk’s potential move comes after California’s tight restrictions from COVID-19 took a toll on Tesla’s future development and manufacturing. And, with California having “the highest income tax in the country” and no income tax in Texas, Musk could save billions of dollars, according to CNBC.

Musk already spends quite a bit of his time in Texas, as both of Tesla’s operations and his tunnel-building business, the Boring Company, are located in Austin.

A SpaceX facility in Boca Chica Village, Texas, is also on Musk’s radar when he visits the state. This facility began operating in 2003, according to CNBC.

Tesla’s new factory in Austin is expected to hire at least 5,000 workers and Boring Co. already has some positions available as well.

For now, it’s unclear which part of the Texas Musk is looking to relocate to. But, we’ll bring more details as they become available.

To read CNBC’s full story on Musk, click here.

RELATED: Tesla picks Texas site for second US vehicle assembly plant


About the Author: