Elon Musk announces Telsa headquarters move to Texas

Elon muskElon Reeve Musk’s Russian film crew defeats Tom Cruise in race to shoot first space movie Musk says he’s sending Bezos silver medal after taking over the world’s richest person Balance / Sustainability – Presented by the American Petroleum Institute – Tracking Earth’s “Ultimate Record of Change” MORE told shareholders on Thursday that Tesla’s headquarters would move to Austin, Texas, citing the high cost of housing in the Bay Area of ​​California, where the company is currently located.

“We’re going as far as we can get, but there’s a limit to how big you can get in the Bay Area,” Musk said according to The Associated Press. “To be clear, we will continue to expand our business in California. It’s not about leaving California.

Elon made the announcement while speaking from Tesla’s Austin manufacturing plant, the AP reported. Despite the move, Musk said Tesla still plans to expand operations to Fremont, Calif., Hoping to increase production by 50%.

“Sir. Musk’s announcement once again underscores the urgency for California to address our housing affordability crisis and the many other challenges that make it so difficult for businesses to grow here,” Jim said. Wunderman, head of the Bay Area Council business advocacy group.

Last year, Musk revealed in an interview that he personally moved to Texas due to what he called complacency in Silicon Valley.

“If a team has been winning for too long, they tend to get a little complacent, a little empowered, and then they don’t win the championship anymore. California has been winning for too long, ”Musk told Wall Street Journal editor Matt Murray.

The AP noted that Tesla’s move follows similar decisions made by Silicon Valley companies like Oracle Corp. and Hewlett Packard Enterprise, both relocating to Texas due to the high cost of living in Silicon Valley.