FILE PHOTO: Automobile awards The golden steering wheel in Berlin
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the automobile awards “Das Goldene Lenkrad” given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File Photo

December 8, 2020

(Reuters) -Silicon Valley billionaire Elon Musk said on Tuesday he had relocated to Texas from California as he wants to focus more on the new Tesla Inc plant and his SpaceX venture.

Musk confirmed the move in an interview with Matt Murray, the Wall Street Journal’s editor in chief.

“The two biggest things that I got going on right now are the Starship development in South Texas … and then the big new U.S. factory for Tesla,” the 49-year-old Tesla chief said.

“It wasn’t necessarily a great use of my time here (in California)”.

Texas might 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.com Inc’s Jeff Bezos, according to the Bloomberg Billionaires Index.

In a conversation touching a wide range of topics including government intervention, technology companies and corporate policy, Musk criticized CEOs of other U.S. companies for not focusing enough on their products.

“If you find yourself spending a lot of time giving presentations and reviewing spreadsheets, you’re barking up the wrong tree,” Musk said.

The billionaire also compared himself to a war general and said, “If you think about war … do you want the general in some like ivory tower or on the front lines? The troops are going to fight a lot harder if they see the general on the front lines.”

Musk said tech companies in Silicon Valley had too much influence on the world and predicted a decrease in their power.

On Tesla’s move to raise $5 billion in capital, he said: “We thought we can retire a lot of the debt and increase the security of the company … have more of a war chest.”

Musk has earned Tesla stock options related to his 2018 pay package that are currently worth almost $20 billion.

(Reporting by Tina Bellon and Munsif Vengattil; Additional reporting by Noel Randewich; Editing by Anil D’Silva)

Public Affairs

Sign Up for Our Newsletters

Get notified first!

You May Also Like

Newsom Recall Shows States Can Do More to Protect Constitutional Rights: Dr. Cordie Williams

It’s a ‘shot across the bow’ of politicians who would restrict civic…

Grassroots Rebellion Grows With New Calls to Ban Critical Race Theory from Military, Public Schools

Kevin O’Leary said he was “devastated” when he learned his former football…

Psaki Dodges Question About Laid-Off Pipeline Workers, Green Jobs

White House press secretary Jen Psaki on Monday dodged a question from…

U.S. senators urge Biden to condition Brazil Amazon aid on results

U.S. President Joe Biden delivers remarks on Russia in the East Room…