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Elon Musk quietly moved his foundation to Texas months ago, records show, as rumors about him moving to the state swirl

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  • Elon Musk’s charitable foundation moved to Texas earlier this year, public records show. 
  • The organization merged its California entity with a newly formed Texas one. 
  • Last week, CNBC reported that the billionaire had told friends about potentially moving to Texas. 
  • Visit Business Insider’s homepage for more stories.

Elon Musk moved his charitable foundation to Texas in October, months before the latest round of speculation around the Tesla CEO potentially leaving California.

Documents filed with the Texas Secretary of State’s office, first spotted by Bloomberg on Monday, show the non-profit merged its existing California entity with a newer one based in Austin, where Tesla is building a factory.

The filing is the latest in a string of signs pointing to Musk’s possible exit from California, which began with a tirade against the state’s coronavirus prevention measures this spring. Most recently, CNBC reported that Musk had told close associates he was planning a move to Texas.

The billionaire has already been spending plenty of time in the Lone Star State, where his other venture, SpaceX, has a launch pad. Beyond COVID-19 restrictions that forced Tesla to temporarily close its factory, California also has some of the highest income tax rates in the country. Musk, the highest paid CEO in the country last year, could stand to save a pretty penny by declaring himself of income tax-less Texas.

The Musk Foundation is relatively secretive. On its most recently available tax filing in 2018, the organization had assets of $329 million and its biggest payouts were to the California Science Center and a Fidelity-sponsored charitable fund.

 


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