Elon Musk's electric vehicle company, Tesla, is packing up camp and getting the heck out of California! I can't say I blame him for that decision either.
During Tesla's 2021 annual shareholder meeting, CEO Musk announced that he was moving the company's headquarters from Palo Alto, California, to Austin, Texas.
“To be clear we will be continuing to expand our activities in California,” Musk explained. “Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it’s jammed.”
Elon Musk says Tesla will relocate its corporate headquarters from Palo Alto, where it was founded in 2003, to Austin, Texas https://t.co/jKS8fihXFL
— Bloomberg (@business) October 7, 2021
He added, “It’s tough for people to afford houses, and people have to come in from far away….There’s a limit to how big you can scale in the Bay Area.”
In April of 2020, Musk bashed the California government for their "fascist" coronavirus health mandates during a Tesla earning call. Shortly after that call, he moved out of Los Angeles and relocated to Austin, Texas.
Read more at CNBC here.
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