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Elon Musk relocates to Texas from California

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Silicon Valley billionaire Elon Musk said on Tuesday he's pulling up stakes and relocating to Texas from California.

In an interview with the Wall Street Journal, Musk said he wants to focus more on the new Tesla plant underway in Texas and his SpaceX venture…adding that California had become "a little complacent" and "a little entitled."

The move comes after Musk had publicly feuded with the state when Health officials in Alameda County shut down Tesla's Fremont factory in the spring over coronavirus concerns.

The months-long dispute culminated in Musk defying health orders, suing local officials and threatening to move Tesla's operations out of the state. The plant eventually Was re-opened.

His personal move to Texas might also 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.

A 670% rally in Tesla shares this year has boosted Musk's net worth from $27 billion to $155 billion, just behind Amazon CEO Jeff Bezos, according to the Bloomberg Billionaires Index.

During the talk with The Wall Street Journal's CEO Council Musk also took a swipe at his tech comrades, saying tech companies in Silicon Valley had too much influence on the world and predicted a decrease in their power.

Video Transcript

- Silicon Valley billionaire Elon Musk said on Tuesday he's pulling up stakes and relocating to Texas from California. In an interview with the "Wall Street Journal," Musk said he wants to focus more on the new Tesla plant underway in Texas and his SpaceX venture, adding that California had become, quote, "a little complacent" and, quote, "a little entitled."

The move comes after Musk had publicly feuded with the state when health officials in Alameda County shut down Tesla's Fremont factory in the spring over coronavirus concerns. The month-long dispute culminated in Musk defying health orders, suing local officials, and threatening to move Tesla's operations out of the state. The plant eventually was reopened.

His personal move to Texas might also potentially offer some tax reprieve for the world's second-richest man. The state does not collect personal income tax while California has some of the highest state tax rates in the US.

A 670% rally in Tesla shares this year has boosted Musk's net worth from $27 to $155 billion, just behind Amazon CEO Jeff Bezos, according to the Bloomberg Billionaire's Index.

During the talk with the "Wall Street Journal's" CEO Council, Musk also took a swipe at his tech comrades, saying tech companies in Silicon Valley had too much influence on the world and predicted a decrease in their power.