Tesla CEO Elon Musk moves to Texas from California
Tesla CEO Elon Musk on Tuesday said he's moved from California to Texas, snubbing Silicon Valley on the way out and joining major startup exodus from California since the start of the pandemic and the expansion of remote work this year, the Wall Street Journal reports.
The big picture: Musk in May threatened to move Tesla's business out of California after a stay-at-home order required him to shut down his sole U.S. car factory. Tesla already said earlier this year that it would build a new automobile plant in Texas, which is now in development.
- Hewlett Packard Enterprise also announced last week that it plans to move its headquarters from Silicon Valley to Texas.
- Palantir technologies moved its headquarters from Silicon Valley to Denver earlier this year.
- Musk predicted businesses may continue to shift out of California, telling the Journal, "I think we’ll see some reduction in the influence of Silicon Valley."
Between the lines: Texas has no state income tax and Musk is the second-richest person in the world. California, in contrast, is known for high taxes and strict regulatory policies.
Musk took a swipe at California on the way out, telling the Journal, "They do tend to get a little complacent, a little entitled, and then they don’t win the championship anymore."
This story has been corrected to reflect that Elon Musk is moving from California. He lived in Los Angelos, not Silicon Valley.