Tesla has legally moved its headquarters from Palo Alto, California, to Austin, Texas. The new chosen location is right next to the Gigafactory in Austin that is under construction.
Meanwhile, Elon Musk continues to sell Tesla stock to pay taxes.
Activity in California will continue to grow
“On December 1, 2021, Tesla, Inc. moved its corporate headquarters to Gigafactory Texas at 13101 Harold Green Road, Austin, Texas 78725,” the company announced.
This area, where it is also located the new headquarters, the Texas Gigafactory, is under construction and is waiting to receive the necessary licenses. The Model Y, the Cybertruck pick-up and the long-awaited Semi truck will be built here.
The move will save Tesla a lot of money on taxes, and Elon Musk too. The co-founder has sold all his properties in California, one of the highest income tax states in the US.
Leaving California may have saved the 50-year-old Musk more than $ 500 million in capital gains taxes that he otherwise would have owed the so-called Golden State, according to calculations by Bloomberg News.
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Meanwhile, the businessman continues to ditch part of his stock at the electric car manufacturer. According to data from Barron’sMusk has sold about 8.6 million shares worth $ 9.2 billion in recent weeks to pay taxes on unrealized capital gains.
By calculations, it is in the middle of that 10% for which the Twitter community voted in favor, when Musk asked his followers for their opinion. The billionaire still owns about 17% of Tesla shares.
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