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Tesla CEO Elon Musk announced Thursday that the company will move its headquarters from Palo Alto, Calif., To Austin, Texas.
Musk told the annual meeting of shareholders that there is a “limit to how big you can reach in the Bay Area”, noting that affordable housing and commuting times played a role in the decision, CNN reported.
“It’s hard for people to afford houses, and people have to come from far … There is a limit to how big you can get in the Bay Area,” Musk said, by CNBC.
The Austin facility will be about five minutes from the airport and 15 minutes from downtown, Musk said.
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But Musk added that the company was not completely leaving the Golden State, announcing production expansions at facilities in Fremont, California and Nevada.
“To be clear, we will continue to expand our business in California,” Musk said. “Our intention is to increase production at Fremont and Giga Nevada by 50%. If you go to our factory in Fremont, it’s blocked.
The second richest person in the world, according to Forbes, previously recorded his distaste for some policies in California, including some related to COVID-19 restrictions, CNBC reported. Musk recently personally moved to Austin. The outlet reported that the move also allowed Musk to reduce his personal tax burden while getting closer to SpaceX’s launch site in Boca Chica, Texas.
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