Elon Musk has officially moved the Musk Foundation to Austin, Texas, according to records filed with the Texas Secretary of State. The quiet move of the Musk Foundation from California to Texas suggests that the Tesla CEO may move to Lone Star State, or at least that he is seriously considering this option.
The Musk Foundation created an “entity” in Austin this summer. Recently, Musk’s private foundation merged with its Texas-based company, officially relocating to the Austin Lower area.
The re-establishment of the Musk Foundation supports rumors that Tesla’s CEO may move to Texas. According to sources close to the extraordinary billionaire, Elon Musk has spoken publicly about his plans to stay away from Texas and California.
Moving a private foundation from one state to another may not be a sure sign of a resident’s resettlement, said Christopher Manes, a lawyer at Palm Springs who specializes in taxes.
“Philanthropy activities do not carry much weight. On the other hand, if high income is at risk, a prudent taxpayer may want to eliminate all contacts with California as much as possible – and changing their base may be one of them,” Manes wrote in an e-mail. Bloomberg.
Musk mentions moving Tesla Lone Star is the state headquarters In May after the EV automaker filed a lawsuit against Almeida County for refusing to continue operations. It was a tense time for Tesla, California and the United States due to the first wave of the pandemic.
Shortly afterwards, in August, Elon Musk said he would do Tesla Stay in California With the indication that it may be restored in the future as well. “There is no doubt that our headquarters will be in California for a short time,” he said in an interview with Jason Stein. Automotive News.