After becoming the second richest billionaire in the world, Elon Musk wants to move his house to a place with no personal income tax

According to CNBC, CEO Tesla and SpaceX, the second richest billionaire in the world Elon Musk is planning to move from California to Texas. A move that would potentially save him from paying hefty personal income taxes.

Earlier this year, Elon Musk also posted on his Twitter page about his intention to sell nearly all of his assets, and not own a home.

In July, Elon Musk announced that Tesla was building its next factory in Austin, Texas. This is where Tesla will manufacture Cybertruck, Model Y, Model 3 and Semi Truck vehicles.

Tesla has received tens of millions of dollars in property tax breaks in Austin, to build a manufacturing plant on an area of ​​8.5 square kilometers. Elon Musk’s Boring company is already active in Austin, and SpaceX also has a facility in Boca Chica, Texas.

Looks like Elon Musk was planning to move everything to Texas. One of the reasons is because of local government support, and in Texas there is no personal income tax.

CNBC stressed that if Elon Musk moved to Texas, he would have to pay significantly less taxes. The Tesla CEO can make more than $ 50 billion in stock options, after helping the company achieve a lot of success. He will have to pay personal income tax on this huge sum if he is still living in California.

Reference: theverge