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Photo: Patrick Pleul/picture alliance via Getty Images

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.

Go deeper

Sep 25, 2020 - Economy & Business

Eyeing the end of gas-powered cars

Illustration: Eniola Odetunde/Axios

Gasoline-powered cars may be going the way of the woolly mammoth, even if it will take decades to replace them and seems hard to fathom today.

The big picture: Internal combustion engines (ICEs) have powered automobiles for more than 100 years. But the shift to electric vehicles, slow to materialize at first, is now accelerating due to tightening government policies, falling costs and a societal reckoning about climate change.

Aug 27, 2020 - Technology

Tech's deepening split over ads and privacy

Illustration: Eniola Odetunde/Axios

A new fight between Facebook and Apple over the mechanics of ad tech is surfacing an industry divide over user privacy and spotlighting longstanding dilemmas about the tracking and use of personal information online.

Why it matters: Privacy advocates have been sounding alarms for years about tech firms' expansive, sometimes inescapable data harvesting without making much headway in the U.S. But the game could change if major industry players start taking opposite sides.

Dion Rabouin, author of Markets
22 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.