Why did Elon Musk move to Texas? Where is he living now? Read details

Owner of the major tech companies like SpaceX and Tesla, Elon Musk has a huge fan following and now, many of his fans are worried about he has decided to move out from California. The news has taken the internet by the storm. However, as per the star entrepreneur, he has two key reasons why he chose to leave California. Here is all you need to know about why he moved out, what will benefit him and where will he be staying now, have a look.

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Why did Elon Musk move to Texas?

It is not a mystery that Elon Musk had problems with the regulations passed during the pandemic lockdown which had shut his factory near San Francisco, California. According to a report by The Wall Street Journal, Musk said relocating made sense with Tesla’s new factory being built in Texas. He also stated another reason for leaving Silicon Valley, California is that Texas has several innovator-friendly policies.

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However, even after Elon Musk decided to move from Silicon Valley to Texas, the companies formed by the entrepreneur will continue to maintain its extensive operations in California. One must also note that Musk's decision will present him with various personal benefits such as the state does not collect state income or capital gains tax for individuals. The auto executive qualified this year for billions of dollars in stock-option compensation as part of a pay-package agreement, making him the second-richest person in the world. 

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Where does Elon Musk live in Texas?

Elon Musk has moved out from Silicon Valley in California and shifted to Texas. According to a report by the New York Times, the second richest person in the world has found a good place in Austin, Texas where he will be residing from now. This may also affect the growth of the state positively looking at Elon Musk's net worth which is $128 billion, as of November 2020. Moving out means that Musk is going to focus more on Tesla’s new electric car plant and his SpaceX venture leaving behind California’s economic environment which he has been criticising for a long time.

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