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Photo: Smith Collection/Gado/Getty Images

Tesla CEO Elon Musk announced at a shareholder meeting Thursday that the Tesla headquarters will move from Palo Alto, California, to Austin, Texas.

Why it matters: Tesla isn't the first tech company to leave California. Oracle and Hewlett-Packard Enterprise moved their headquarters from Silicon Valley to Texas in December 2020.

The big picture: Musk said the company plans to increase production in its California facility despite the relocation, which will take time to reach full production.

  • Musk cited housing affordability and commutes among reasons for the move.
  • “To be clear we will be continuing to expand our activities in California,” Musk said Thursday. “Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it’s jammed.”
  • Musk decamped to Texas from California in December 2020.

Go deeper

Prime property picks for Tesla execs starting at $5M

2705 Island Cove Dr. Photo courtesy of Bridget Ramey/Kuper Sotheby’s International Realty

Last week, Tesla founder and CEO Elon Musk announced he was moving his company's headquarters from Palo Alto, California, to Austin.

Between the lines: We examined Tesla's recent SEC filings and found that — wait for it — Tesla's management makes a lot of money.

  • The CFO, head of Tesla Heavy Trucking and senior VP for energy engineering each earned roughly $46.5 million in 2020.
  • Of those, only the head of the truck division currently owns a home in Travis County under his name, per an Axios review of appraisal district records. In December, he purchased the property, valued at $2.4 million, near the Barton Creek resort.
  • Oh, and by the way, Musk, who calls himself "Technoking" in company filings, is now the world's richest person, the Wall Street Journal reports.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.

Updated 5 hours ago - World

Islamic State claims responsibility for deadly bombing in southern Afghanistan

The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.

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