/https://specials-images.forbesimg.com/imageserve/5fcead1d8c4c1ce1230956e0/0x0.jpg?cropX1=0&cropX2=3873&cropY1=227&cropY2=2405&w=1200&resize=1200,675&ssl=1 "Elon Musk Reportedly Relocated His Foundation To Texas, Fueling Rumors He’ll Move There Too")
Topline
Tesla CEO Elon Musk has shut down his private foundation’s operations in California and moved them to Texas, according to a media report, increasing speculation that the eccentric billionaire plans to make the move to Texas himself after battling California officials over reopening businesses during the pandemic.
SpaceX CEO Elon Musk gives an update on the next-generation Starship spacecraft at the company’s … [+]
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Key Facts
Bloomberg reported an entity in downtown Austin Musk created over the summer is left as The Musk Foundation’s sole remaining entity after Musk merged the two in October, according to a certificate of merger filed in Texas signed by Musk.
Last week, CNBC reported Musk’s close friends and business associates said he was planning on moving to Texas from Los Angeles, where he has lived for about 20 years.
Musk has clashed this year with California lawmakers over coronavirus crackdowns, which temporarily closed a factory of his, and even threatened to move Tesla’s headquarters and any later endeavors to either Texas or Nevada in protest.
Musk is no stranger to the Lone Star State—he often visits the two SpaceX sites he has in Texas, began hiring for his Boring Company in Austin in November and in July announced Tesla’s next gigafactory would be built just outside of Austin.
Shortly after, Texas Gov. Greg Abbott told CNBC’s Squawk Box that Musk said he had given up his California driver’s license in favor of one from Texas, adding the billionaire “is a bona fide Texan now.”
Key Background
According to a Forbes estimate, Musk is worth $142.9 billion, and in September he was ranked seventh on the Forbes 400 list of America’s richest people. His private Musk Foundation was founded in 2001, according to Bloomberg, and is described by its own sparse website as being dedicated to researching and advocating for renewable energy and human spaces exploration, pediatric research, science and engineering education and developing “artificial intelligence to benefit humanity.” With Texas having no state income tax, Musk could save a fortune by moving there from California, the U.S. state with the highest income tax, a move other tech heavyweights like Musk’s friend and Palantir co-founder Joe Lonsdale have made.
Further Reading
Elon Musk Moves Foundation to Texas, Fanning Relocation Speculation (Bloomberg)
Tesla CEO Elon Musk has told friends and associates he plans to move to Texas (CNBC)
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