Tags: tesla ceo | elon musk | move | texas | california

CNBC: Tesla CEO Elon Musk Said Planning to Move to Texas

CNBC: Tesla CEO Elon Musk Said Planning to Move to Texas

Friday, 04 December 2020 06:26 PM EST

Tesla CEO Elon Musk put his California houses on the market this year while he was sparring with state lawmakers over COVID-19 restrictions.

He’s simultaneously been expanding operations in Texas and cozying up to Republican Gov. Greg Abbott, CNBC reported.

"Now, several of his close friends and associates say that Musk has told them he’s planning to move to the Lone Star State. The people with knowledge of his plans asked not to be named because their conversations were private," CNBC saod.

Musk is the world’s second-wealthiest person behind Amazon’s Jeff Bezos.

Texas has no state income tax, while California’s is the highest in the country.

Tesla (TSLA) stock has skyrocketed almost 600% this year, in part on expectations it could join the S&P 500 Index -- it will on Dec. 21 -- and also helped by the fifth consecutive quarter of profit posted in October, Bloomberg reported. 

Musk and Chief Financial Officer Zachary Kirkhorn have been focused on cost reductions for several quarters even as Tesla spends billions on new factories in Austin, Texas, and near Berlin to expand its global production and sales footprint.

Musk earlier this week warned in an internal email his company’s rallying shares could get “crushed” if investors start to worry about the electric-car manufacturer’s ability to deliver on profit expectations.

Musk urged employees to stay focused on cutting costs and prevent a reversal in Tesla’s soaring stock price in an email sent Tuesday to employees as the Palo Alto, California-based company works to meet a target of delivering half a million cars this year.

“When looking at our actual profitability, it is very low at around 1% for the past year. Investors are giving us a lot of credit for future profitability, but if, at any point, they conclude that’s not going to happen, our stock will immediately get crushed like a souffle under a sledgehammer!” Musk wrote in the email viewed by Bloomberg News.

© 2025 Newsmax Finance. All rights reserved.


StreetTalk
Tesla CEO Elon Musk put his California houses on the market this year while he was sparring with state lawmakers over COVID-19 restrictions.
tesla ceo, elon musk, move, texas, california
322
2020-26-04
Friday, 04 December 2020 06:26 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved