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Tesla's Musk relocates to Texas from California; compares himself to war general

EconomyDec 08, 2020 07:20PM ET
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© Reuters. FILE PHOTO: Automobile awards The golden steering wheel in Berlin

(Reuters) -Silicon Valley billionaire Elon Musk said on Tuesday he had relocated to Texas from California as he wanted to focus more on Tesla (NASDAQ:TSLA) Inc's new electric car plant and his SpaceX venture in the Lone Star state.

Musk confirmed the move in an interview with Matt Murray, the Wall Street Journal's editor in chief.

"The two biggest things that I got going on right now are the Starship development in South Texas ... and then the big new U.S. factory for Tesla," the 49-year-old Tesla chief said.

"It wasn't necessarily a great use of my time here (in California)".

Texas might potentially offer some tax reprieve for the world's second richest man. It does not collect personal income tax while California has some of the highest state tax rates in the United States.

An over 670% jump in Tesla shares this year has boosted Musk's net worth from $27 billion to $155 billion, just behind Amazon.com Inc (NASDAQ:AMZN)'s Jeff Bezos, according to the Bloomberg Billionaires Index.

In a conversation touching a wide range of topics including government intervention, technology companies and corporate policy, Musk criticized CEOs of other U.S. companies for not focusing enough on their products.

"If you find yourself spending a lot of time giving presentations and reviewing spreadsheets, you're barking up the wrong tree," Musk said.

The billionaire also compared himself to a war general and said, "If you think about war ... do you want the general in some like ivory tower or on the front lines? The troops are going to fight a lot harder if they see the general on the front lines."

Musk said tech companies in Silicon Valley had too much influence on the world and predicted a decrease in their power.

On Tesla's move to raise $5 billion in capital, he said: "We thought we can retire a lot of the debt and increase the security of the company ... have more of a war chest."

Musk has earned Tesla stock options related to his 2018 pay package that are currently worth almost $20 billion.

Tesla shares were up 0.6% in trading after the bell.

Tesla's Musk relocates to Texas from California; compares himself to war general
 

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Comments (10)
John Raymond
John Raymond Dec 09, 2020 10:25PM ET
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Dems and ca need to do a huge think about what the cost of this loss is going to be
Dronio Stoica
Dronio Stoica Dec 09, 2020 12:00AM ET
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There goes the neighborhood....:)
Anthony Anthony
Anthony Anthony Dec 08, 2020 11:32PM ET
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Everyone hates commifornia
Eric De
Eric De Dec 08, 2020 10:37PM ET
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He wouldn’t have gotten this far if it hadn’t been for Silicon Valley.
Duke Minh
Duke Minh Dec 08, 2020 7:58PM ET
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What a smart move... Use saving taxes $$$ pour into charities... Most friends I know, moving out of Silicon Valley.
Iam Suleman
YesomiteSam Dec 08, 2020 7:58PM ET
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which charity?
Duke Minh
Duke Minh Dec 08, 2020 7:58PM ET
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Any charity... I do have one but inactive during this time. Donors may be able to take a tax deduction right ;)
John Raymond
John Raymond Dec 08, 2020 7:15PM ET
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high taxes and regulation in Democrat ca are leading a massive exodus. smart move on musk's part. dem state to GOP one. thank pelosi and schiff
Thom Miller
Thom Miller Dec 08, 2020 4:03PM ET
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Musk was kicked out of California for being a Communist.
Yelen Shim
Yelen Shim Dec 08, 2020 4:03PM ET
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Ignorant comment.
Jared Ryan
Jared Ryan Dec 08, 2020 4:03PM ET
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Ignorant OP
Uzay Takip
Uzay Takip Dec 08, 2020 3:46PM ET
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Sense make..
Ave Joe
Ave Joe Dec 08, 2020 3:42PM ET
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If you own a business in California you are an ATM machine for the state. California State Franchise Tax board is the worst and has been pounding on business during Covid collecting record amounts in fines penalty's etc.. Leave California ASAP!
Justin Eragod
Justin Eragod Dec 08, 2020 3:42PM ET
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i live in California, doesn't own any business and I also want to leave CA. California is the State for either the richest people or poor people, who are receiving welfare, and assistance. I am neither of those. I just wish my work place approved my transfer request 😪
Ben Brown
Ben Brown Dec 08, 2020 3:42PM ET
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Justin Eragod   Cali is a very very nice place to visit but too live it gets a big NO. I am on the east coast down below where lots of Hedge funds are now moving their operations. You are on a site with an array of talented traders who are earning a great deal. Cali will lose more froward thinking people shortly.
Mark Maxwell
MaxAnalysis Dec 08, 2020 3:37PM ET
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makes sense
 
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