Tesla CEO Elon Musk has revealed in a recent interview that he has left California in order to focus more on the new Tesla plant and Space X mission in Texas.
He confirmed the news to the editor in chief of the Wall Street Journal Matt Murray:
“The two biggest things that I got going on right now are the Starship development in south Texas … and then the big new US factory for Tesla,” the billionaire admitted. “It wasn’t necessarily a great use of my time here [in California].”
While this seems like the perfect reason alone to move from California, Musk also had some severe warnings for the state, matched to further reasoning.
“If a team is winning for too long, they tend to get complacent,” Musk said, to the Verge. “California has been winning for a long time, and I think they’re taking it for granted.”
We’re unsure as to whether Musk is talking about tax here, as California collects some of the highest tax rates in the US, while Texas doesn’t charge personal income tax. This is especially important to the CEO who has just become the world’s second-richest man at a value of $155 billion, sat behind Amazon’s Jeff Bezos. But with this increase in Tesla stock value, Elon was keen to point out issues with other companies.
“If you find yourself spending a lot of time giving presentations and reviewing spreadsheets, you’re barking up the wrong tree,” Musk said, implying that they must be warier of their products instead of their accounting. At the same time, Tesla has moved to raise another $5 billion in capital since its increase in stock value, with Musk saying the following:
“We thought we can retire a lot of the debt and increase the security of the company … have more of a war chest.”