12/4/2020, 8:24 PM (Source: TeleTrader)
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Musk plans to move to Texas - report

Tesla Inc. CEO Elon Musk plans to move from California to Texas, unnamed close friends and associates of his told CNBC on Friday.

Musk is reportedly increasing his presence in the state with frequent visits to his tunnel start-up Boring Company in Austin and SpaceX facility in Boca Chica. The next Tesla Gigafactory will be built in the vicinity of Austin, he revealed in July.

Also, the top state income tax rate is zero in Texas, compared to 13.3% in the Golden State, possibly impacting Musk's decision to move as he could earn $50 billion in shares and executive bonuses from 12 tranches under his 2018 10-year compensation program, the report noted. Musk has already reportedly reached the fourth tranche.

Breaking the News / MS