SELF DRIVING

Elon Musk Moves to Texas, Abandons California

The state doesn’t collect state income or capital-gains taxes for individuals.

Texas has a new, very rich resident. Elon Musk, the founder of Tesla and SpaceX and the world’s second richest man, has said he has quit California for the Lone Star State, where Tesla’s new factory is being built, after a series of well-publicized run-ins with California authorities over his coronavirus strategy. Musk refused to obey orders to keep shuttered his factories in the early days of the pandemic. Musk revealed his move at an event organized by The Wall Street Journal. He said the San Francisco Bay Area “has too much influence on the world,” but added that he believed the power locus was shifting, saying, “I think we’ll see some reduction in the influence of Silicon Valley.” Conveniently for Musk, who qualified this year for billions of dollars in stock-option compensation as part of a pay-package agreement, Texas doesn’t collect state income or capital-gains taxes for individuals.