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Tesla's Elon Musk moves to Texas

Elon Musk has announced he is moving to Texas leaving Silicon Valley, and predicted the tech hotspot ...

👤 H K Badal9 Dec 2020 5:44 PM GMT
Teslas Elon Musk moves to Texas
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Elon Musk has announced he is moving to Texas leaving Silicon Valley, and predicted the tech hotspot could lose its influence.

The billionaire entrepreneur declared that California had "too much influence in the world" but that its power is waning.

Tesla, valued at $500bn (£372bn), has its headquarters in California, but will build a new factory in Austin.

Space X - Mr Musk's spaceflight company - already has facilities in Texas.

"The two biggest things that I got going on right now are the Starship development in South Texas ... and then the big new US factory for Tesla," Mr Musk told the Wall Street Journal.

Living in California "wasn't necessarily a great use of my time," he added.

Republican Senator Ted Cruz, who represents Texas, welcomed the Tesla chief executive in a tweet: "Texas loves jobs & we're very glad to have you as a Texan," he said.

Texas might also offer some tax benefits for the world's second-richest man.