California Takes Major New Loss?
Uh-oh!
CEO Elon Musk has just announced that Tesla’s headquarters will be moving out of Fremont, California, and into the great city of Austin, Texas.
According to Fox Business, during Tesla’s 2021 annual stockholders meeting, Musk announced, “I’m excited to announce that we’re moving our headquarters to Austin, Texas.”
Musk further explained that while Tesla will continue to expand their activities in California and do not want to hurt the state, they want to simply “increase output from Fremont and from Giga[factory] Nevada by 50%.”
Musk also noted that the decision to move was because the California headquarters was overcrowded and “other reasons” that he did not want to talk about.
“It’s tough for people to afford houses and a lot of people have to come in from far away,” Musk said regarding the headquarters in California. “We’ve taken it as far as possible but…there’s a limit to how big you can scale it in the Bay Area.”
It has happened. Telsa headquarters is moving to Texas. @elonmusk has said in the past that the red tape in California & the overall cost of living is a pretty big disadvantage. This will bring Starbase and Tesla HQ within the same state. Hopefully less travel for Musk too. pic.twitter.com/Uh39iVMlkc
— Marcus House (@MarcusHouse) October 8, 2021
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