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Elon Musk’s California Exit Holds Path to $2 Billion Tax Savings

Nov. 29, 2021, 3:01 PM

“I am selling almost all physical possessions. Will own no house.”

By Elon Musk’s standards, his May 2020 tweet wasn’t all that weird. “Possessions kind of weigh you down,” he said on a podcast a few days later, and went on to list seven homes in California. In December, he announced he’d moved to Texas. His charitable foundation followed and, soon, Tesla Inc. will too.

But what first seemed like a case of billionaire wanderlust, or pique with California’s Covid restrictions, now looks more and more like shrewd anticipation of the big tax bill that’s coming Musk’s way.

The sale ...

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