Business

Elon Musk Moves to Tax Paradise Texas. What for?

Elon Musk sells all of his assets in California and moves to Texas, which is known for its tax advantages preferred by the business world. Tesla SpaceX elon musk state is changing.

Elon Musk is not happy with the state of California. According to the news circulating in the tech world, Musk plans to sell his entire assets and settle in Texas. Although the issue was initially thought to be tax avoidance, the decision to move came after Elon Musk‘s controversy over the Covid-19 restrictions that forced Tesla’s Fremont factory to shut down temporarily in recent months. Tesla sets up factories here for Cybertruck, Model Y, Model 3 and Semi vehicles for property tax and other tax benefits in Texas.

The Fortune 500 announced that business people and companies such as comedian Joe Rogan and entrepreneur Keith Rabois, CBRE Group, Charles Schwab and Hewlett Packard Enterprise have moved from California to Texas.

Tesla and SpaceX’s billionaire tweeted in May that he signaled that he would sell all his belongings and not own a house. Musk is the second richest person in the world after Amazon’s founder Jeff Bezos. The state of California also has the highest income tax rate in the country. According to CNBC, Musk’s move will give him billions of dollars in long-term advantage. Some California-based businessmen and companies seem to move their operations to tax-friendly states.

Source: Fortune

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