Elon Musk stated Tuesday that whereas SpaceX and Tesla keep main operations in California at present, he has personally moved to Texas.

“If a crew has been profitable for too lengthy, they have an inclination to get complacent after which they do not win the championship anymore. California has been profitable for too lengthy,” Musk stated on the Wall Avenue Journal CEO Council summit, repeating an analogy he has used many instances earlier than to precise his displeasure with California’s regulatory atmosphere.

“Initially, Tesla and SpaceX clearly have huge operations in California. Tesla is the final automotive firm nonetheless manufacturing automobiles in California. SpaceX continues to be the final aerospace firm nonetheless doing manufacturing in California,” he added. “California was the middle of aerospace manufacturing! My firms are the final two left. That is an important level to make.”

CNBC reported final week that Musk instructed associates he supposed to relocate to Texas and was already spending time there.

Musk, the world’s second-wealthiest individual behind Amazon’s Jeff Bezos spends most of his time in Texas between Austin, the place Tesla and his tunnel start-up Boring Firm have operations, and a coastal village known as Boca Chica, dwelling to a SpaceX facility. SpaceX began operating in Texas in 2003.

The transfer makes Musk a part of a broader tech exodus from Silicon Valley, with many executives and enterprise capitalists transferring to Texas. It may additionally save Musk billions of {dollars} in taxes.

It is a growing story. Please test again for updates.