SpaceX officially moves to Texas after Delaware judge ruled against pay package for Elon Musk.Musk's Response
Musk is known for moving to more favorable states. He moved the carmaker's headquarters from California to Texas to get away from high labor costs and stringent regulations. It also doesn't hurt that now Musk moved to Austin, he does not have to pay state income tax.The billionaire has faced two legal setbacks in Delaware. In late January, a Delaware judge voided his $55.8 billion Tesla compensation package — the largest in US corporate history — after an investor claimed it was flawed by conflicts of interests and misleading disclosures by the electric car company.
Does Elon Musk own a home in Texas : Elon Musk's primary residence is a modest house in Texas
Musk had earlier tweeted that he rents the property from SpaceX. “My primary home is literally a $50k house in Boca Chica/Starbase that I rent from SpaceX … it's kinda awesome though,” he had written. His biographer confirmed the fact on August 6 this year.
Why did Tesla incorporate in Texas
Still, the state has a lot of advantages from a business perspective, starting with the absence of a personal or corporate income tax. Musk indicated that he appreciated those advantages when moving Tesla's physical headquarters to Texas, after taking issue with California's taxes and regulations.
Why is Tesla moving from Delaware to Texas : Tesla is done with Delaware. Elon Musk has disapproved of Delaware ever since a judge there ruled against his massive pay package. Now the company wants shareholders to move the company to Texas officially.
Being Tesla's legal home would dovetail with the state's push to develop its own business court system. Legal experts expect Texas to prove more forgiving to directors and executives when it comes to reviewing corporate acts such as the approval of pay packages.
Located in Bastrop, outside of Austin city limits, Musk has spent millions purchasing land in the quaint town in hopes he can avoid big-city regulations, the Wall Street Journal first reported. Situated next to the Colorado River, his vision is to create his own utopia where his employees can live and work.
Why did Elon Musk move to America
In 1988, after obtaining a Canadian passport, Musk left South Africa because he was unwilling to support apartheid through compulsory military service and because he sought the greater economic opportunities available in the United States.The primary reason for Musk's financial setback is attributed to the decline in Tesla's share price, which has dropped by nearly 29% this year. Additionally, a Delaware court rejected a $55 billion compensation package for Musk, further contributing to his wealth reduction.Mr Musk, who became a US citizen in 2002, has resisted efforts to label his politics – calling himself "half-Democrat, half-Republican", "politically moderate" and "independent". That doesn't mean he's shied away from political debate.
Snailbrook
The planned town is called Snailbrook, in reference to the mascot of Musk's tunneling company, Boring Co. Located in Bastrop County near Boring and SpaceX facilities, the site would be designed as a live-work community for employees of Musk's companies.
Why can’t Teslas be sold in Texas : If you're a Texan and you crave a Tesla, you must travel to another state to buy one, or have the sale paperwork processed in another state. Texas first enacted protectionist dealership laws in the 1930s. The regulations banned the selling of cars to consumers by anyone other than a franchised dealer.
Why are there so many Tesla’s in Dallas : The number of Teslas on Texas roads in comparison with other cars is likely a result of the company's early foothold in the EV market. It's also a testament to its incredibly strong brand. It's not a simple process purchasing a Tesla in Texas.
Why is Tesla going to Texas
It's based on Delaware law and that's important here because those laws require directors. And officers to regard certain fiduciary duties the judge in this case said that Tesla's board failed in
Under Texas law, a town needs at least 201 residents before it can apply to incorporate, then approval from a county judge.$50,000
With all his wealth, Tesla CEO Elon Musk lives in a surprisingly small house near the SpaceX facility in Brownsville, Texas. He paid just $50,000 for the 375 square-foot “tiny home,” which includes a state-of-the-art kitchen.
What is Elon Musk’s IQ : between 155 and 160
As mentioned earlier, Elon Musk's IQ score is believed to be between 155 and 160. Above-average IQ scores within this range are only reserved for the "Highly Gifted" IQ classification.