On Tuesday, Elon Musk, the Silicon Valley billionaire, stated that he has to left California for Texas because he wanted to pay more attention to Tesla Inc’s brand new electric car plant and his SpaceX venture in the Lone Star state.
In an interview with Matt Murray, the Wall Street Journal’s editor in chief, the Silicon Valley billionaire has affirmed the move.
According to the statement by the 49-year old Tesla chief,
“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.”
“It wasn’t necessarily a great use of my time here (in California)”.
There are many chances that the world’s second-richest man may have to pay some tax reprieve. Moreover, Texas does not use to receive personal tax. On the other hand, California has a few of the highest state tax rates in the United States.
Musk’s net worth has been increased from $27 billion to $155 billion due to a 670% jump in Tesla shares a current year. However, as per the Bloomberg Billionaires Index, Amazon.com Inc’s Jeff Bezos is leading the list.
Silicon Valley billionaire Elon Musk blamed CEOs of other US organizations for not paying attention enough to their products in a conversation having a broad range of topics such as government intervention, technology organizations, and corporate policy.
According to Elon Musk,
“If you find yourself spending a lot of time giving presentations and reviewing spreadsheets, you’re barking up the wrong tree.”
Apart from this, Musk also cross-check himself to a war general and noted,
“If you think about war … do you want the general in some like ivory tower or on the front lines? The troops are going to fight a lot harder if they see the general on the front lines.”
The Tesla boss further added that tech giants in Silicon Valley had an excessive effect on the world and expected a decline in their power.
According to Musk on Tesla’s move to boost $5 billion in the capital,
“We thought we can retire a lot of the debt and increase the security of the company … have more of a war chest.”
Silicon Valley billionaire Elon Musk has gained Tesla stock options associated with his 2018 pay package that is presently worth around $20 billion. Moreover, Tesla shares were up 0.6% in negotiating after the bell.