Elon Musk Moves His Private Foundation to Austin, Texas

Musk pad starship

Last week, it was reported by CNBC Elon Musk had apparently told friends he was moving from California to Texas, in a move seen to lower the Tesla CEO’s personal tax bill.

Now, Bloomberg reports Musk had recently moved his private Musk Foundation to Austin, Texas, another sign the SpaceX CEO may be moving out of California.

“The foundation, which was based in California, created an entity in Austin over the summer. The two merged, according to a certificate of merger filed with the Texas Secretary of State in October that Musk signed. The surviving entity is located in the state capital’s downtown area,” reported Bloomberg on Monday.

The Musk Foundation’s basic website states it makes grants in support of:

  • Renewable energy research and advocacy
  • Human space exploration research and advocacy
  • Pediatric research
  • Science and engineering education
  • Development of safe artificial intelligence to benefit humanity

There are growing ties for Musk in Texas. SpaceX has two facilities in the state, while a new Tesla assembly plant is currently under construction in Austin, the city where Musk apparently will relocate to. Giga Austin will build Tesla’s Model Y and the upcoming Cybertruck.

Musk is currently the world’s second-richest person, second to Amazon’s Jeff Bezos. The wealth accumulated by Musk is thanks to the astronomic rise of Tesla, as shares of the company have increased over 650% in 2020 alone. Musk’s stake in Tesla at 19% has resulted in paper wealth worth $145 billion.

On Monday, Musk shared a photo of himself on the ground in Boca Chica, Texas, next to the SpaceX Starship vehicle, set to take humans to Mars.

Should Musk relocate to Texas, he would benefit from the 0% state income tax rate, versus 13.3% in California, which could result in over $18 billion in capital gains tax savings.