Elon Musk, founder and CEO of Tesla and SpaceX - the second richest man in the world - plans to leave California and move to Texas.
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According to a CNBC report, published in Globes, if Musk does decide to move, the move is expected to save him a lot of money due to the differences in taxation between the two countries.
CNBC noted that as part of the compensation package approved for him in 2018, Musk could earn about $50 billion in 12 installments (he has already reached the fourth installment).
However, while in California he is expected to pay income tax of $13.31T when he exercises the options, in Texas the tax rate is zero.
Musk already spends a significant portion of his time in Austin, Texas, where the companies he owns have facilities.
In May of this year, Musk tweeted that he was selling almost all of his properties in California, and would "not own a single home" in the state.
