Tesla's CEO Elon Musk has suddenly put his California houses up on the market just this year while he was sparring along with state lawmakers due to COVID-19 restrictions, He has reportedly simultaneously been expanding Tesla's operations over in Texas as well as cozying up to the known Republican Gov. Greg Abbott.
Elon Musk Texas
The story by CNBC reported that as of the moment, a number of Elon Musk's associates and close friends have stated that Musk told them that he is planning to move to the known Lone Star State. The people said to have knowledge about this plan have asked not to be revealed due to the conversation being private in nature.
Elon Musk has recently won the title as the second richest person in the world just behind Amazon's CEO and founder Jeff Bezos, who has reportedly been frequenting Texas. It was stated that he spends most of his time given time between Austin, where Tesla as well as his start-up company, the Boring Company both operate, and also a coastal village known as Boca Chica, which is home to the SpaceX facility. SpaceX had initially started operating over in Texas as early as 2003.
Tesla Covid impact
California is known to oftentimes condemned by the super rich for its given high tax rates as well as stiff regulations. California has seen quite an exodus of certain notable tech names during the ongoing pandemic as certain companies look to cut their costs as well as prepare for the future distribution of work. Elon Musk has definitely been among the loudest critics this 2020. He even compared the state to a certain championship sports team that has become very complacent and also developed a certain "winning for too long" recurring problem.
Over in May, as businesses all across California were then forced to remain closed due to the ongoing pandemic, Elon Musk then Tweeted that he was going to move the Tesla headquarters as well as future developments all from California towards Texas and Nevada. Transfering from California, known to have the highest income tax within the country, towards Texas, which reportedly has no state income tax, could actually save Elon Musk billions of dollars due to his known compensation package award back in 2018.
Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependen on how Tesla is treated in the future. Tesla is the last carmaker left in CA.— Elon Musk (@elonmusk) May 9, 2020
Elon Musk 2nd richest man on Earth
Elon Musk was then granted 101.3 million options, which was adjusted after a particular 5-for-1 stock split that happened this year, that started to vest over time as the company was able to hit certain milestones. The milestones that the company was able to hit include certain market cap numbers.
Tesla's stock has reportedly surged a massive 782% during the past year. As of October 2020, Elon Musk's wealth swelled about $20 before taxes. As of the moment, the CEO is now the known second richest man in the world surpassing a man that hasn't easily been taken over for decades, Bill Gates.
This article is owned by Tech Times
Written by Urian Buenconsejo