Tesla and SpaceX chief executive Elon Musk has transferred to Texas because he wants to concentrate on the company's new electric car manufacturing facility and his space program in the state, Reuters reported Wednesday.
The relocation confirms months of speculation that the tycoon would bid adios to California, a state that he has become critical of. He confirmed the move during an interview with The Wall Street Journal editor-in-chief Matt Murray.
Musk publicly disputed California officials when health authorities in Alameda County shut Tesla's Fremont plant in the spring over coronavirus concerns.
Musk resisted health orders, filed charges against local officials and threatened to move the company's operations out of California.
"The two biggest things I got going on right now are the Starship program in South Texas...and the big new U.S. factory for Tesla," Reuters quoted the 49-year-old CEO as saying, adding it "wasn't necessarily a great use of my time here (in California)."
Dallas, Houston and Austin have seen increases in economic growth. That accelerated during the pandemic as California-headquartered technology workers abandoned high-priced locations like Silicon Valley and San Francisco.
Texas has no income tax.
A 670% bump in Tesla shares has bolstered Musk's market value to $155 billion from $27 billion - just behind Amazon big boss Jeff Bezos, the Bloomberg Billionaires Index showed.
Meanwhile, Tesla announced Tuesday it was looking to secure around $5 billion in capital through a stock bid - the second for the electric vehicle maker in three months.
