Elon Musk moves charitable foundation to Texas in another sign billionaire may relocate

Tesla building Gigafactory and Space X already has two facilities in state

Tesla founder Elon Musk moved his charitable foundation to Texas in the latest sign the billionaire may be relocating to the state (POOL/AFP via Getty Images)

Tesla founder Elon Musk has moved his charitable foundation to Texas in the latest sign the billionaire may be relocating to the state.

The entrepreneur’s California based Musk Foundation created an entity in Austin this summer and filed paperwork with the Texas Secretary of State to merge the two in October.

Tesla is building its Gigafactory Texas car manufacturing plant near Austin, where the company will produce the Model Y SUV and the Cybertruck.

Space X is testing its Starship, which Mr Musk hopes will carry humans to Mars, at a rocket-production site in Boca Chica, Texas, and has an engine-testing site in McGregor.

Mr Musk has told friends that he is moving to Austin, reported CNBC.

Mr Musk, who lives in Los Angeles, pledged in May to sell-off his $100 million real estate portfolio in California.

When he fell out with officials in Alameda County, California, over Covid restrictions he publicly threatened to move Teslas headquarters to either Texas or Nevada.

The Musk Foundation was formed in 2001 and is dedicated to renewable energy and advocacy, human space exploration, pediatric research, science and engineering education, and research and development into “safe artificial intelligence to benefit humanity.”

According to tax returns filed last year the foundation had assets of $329 million in June 2018, states Bloomberg.

It has awarded grants to a string of organisations, including Oakland’s Chabot Space and Science Center.

Tesla stock has increased in value by more than 650 per cent in 2020, making Mr Musk the world’s second richest man with a fortune of $155bn.

Mr Musk has five teenage sons with ex-wife, Justine Musk, and earlier this year his partner, musician Grime, gave birth to a baby boy.