Tuesday , March 28 2023

Elon Musk has reportedly moved Tesla and SpaceX to Texas, where he will not pay taxes.


The world’s second-richest man is reportedly considering packing and moving to another state.

Elon Musk, founder of Tesla and SpaceX, has already threatened to move the electric vehicle company out of California following the frustration over the Corona virus lockdowns.

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According to CNBC, quoting the billionaire’s “best friends and associates”, he is already considering moving to California.

The old adage that everything is big in Texas does not apply to taxes.

Texas has no state income tax, and California has 13.3 percent in the country.

In 2018, Tesla’s board approved a deal worth US $ 50 billion ($ 67.3 billion).

If he meets the performance goals of unlocking his bonus, he will face a total tax bill of about $ 9 billion in California tax rates.

The state is considering a “super tax” for high-income earners.

The Boring Company, another company owned by Tesla and Mr. Musk, operates in Austin, Texas.

SpaceX has extension facilities at Boca Chikka in the southern part of the state.

Related: Tesla workers affected after Musk rejects lockdown

Related: Musk says he will not get the virus vaccine

Earlier this year, Musk revealed that he was selling all his property in California as part of his desire to own a home.

After offloading a number of properties and listing a number, he partially improved on the promise.

Tesla is headquartered in Palo Alto and now has a factory in Fremont, east of San Francisco.

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