Elon Musk formally moved the Musk Foundation to Austin, Texas, according to a records filed with the Texas Secretary of State. The Musk Foundation’s quiet transition from California to Texas suggests the Tesla CEO could move to the Lone Star state, or at least that he is seriously considering the option.
The Musk Foundation had created an “entity” in Austin during the summer. Recently, Musk’s private foundation merged with its Texas-based entity, formally relocating to the downtown area of Austin.
The Musk Foundation’s relocation supports rumors that Tesla’s CEO could be moving to Texas. According to close friends of the eccentric billionaire, Elon Musk has openly talked about his plans to move to Texas and away from California.
Moving a private foundation from one state to another may not be a definitive sign of a resident’s relocation, said Christopher Manes, an attorney in Palm Springs who specializes in taxes.
“Philanthropic activities tend not to carry much weight. But on the other hand, if a great deal of income is at stake, a prudent taxpayer might want to eliminate all contacts with California as much as possible — and relocating their foundation might be one of them,” Manes wrote in an e-mail to Bloomberg.
Musk mentioned moving Tesla’s headquarters to the Lone Star state in May after filing a lawsuit against Alameda County for refusing to allow the EV automaker to continue operations. It was a tense time for Tesla, California, and the United States because of the first wave of the pandemic.
Shortly after, in August, Elon Musk said that Tesla would stay in California with a hint that it could still relocate in the future. “There’s no question that our headquarters will remain in California for the short term,” he said in an interview with Jason Stein from Automotive News.