"T" is for Texas and (low) taxes.
It's official: Elon Musk has moved to Texas. The word came from the man himself during an interview for the WSJ CEO Council Summit. The affirmation definitively confirms our previous reporting that he would change his state of domicile.
Musk, who is CEO of Tesla, SpaceX, and The Boring Company, seemed to intimate that the decision stemmed from his dissatisfaction with the State of California. In the interview, he mentions that California had become complacent and suffered from overly-onerous regulations.
Now, that might seem to indicate his is planning on moving his California operations out of the state, as he had threatened to do earlier in the year, but that appears not to be the case. We are unsure of which, if any, regulations may be cramping his residential style. For now, at least, the operations of his assorted companies in the Golden State seem to be safe.
The news certainly didn't rattle Tesla investors. The stock finished the day trading at an all-time high of $649.88. In pre-stock split terms, that a share price of $3,249.40. Wow.
Texas is a natural destination for Musk. Tesla is building a so-called Terra Factory in Austin, Texas, which will produce the Cybertruck, Model Y, and Semi, as well as many GWh of the new 4680 battery design to power them.
SpaceX also has significant operations in the South East corner of the state. In Boca Chica, just outside Brownsville, it is developing Star Ship: the craft the entrepreneur hopes will eventually help humans colonize Mars.
Check out the video at the top of the page for a summation of the news from CNBC or click below for the entire interview with Musk.