Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Income tax returns (ITR) filing: 2nd richest man in the world to move to new state over ITR

Income tax returns (ITR) filing: 2nd richest man in the world to move to new state over ITR

Tesla and SpaceX CEO Elon Musk is planning to leave California and move to Texas that has no state income tax, a move that could save him billions of dollars, the media reported.











, Get more Personal Finance News and Business News on Zee Business
According to a report in CNBC, several of Elon Musk`s close friends and associates say that "Musk has told them he`s planning to move to the Lone Star State".

"Even the people who know him well and are aware of his general plans to move to Texas say they don`t know where exactly he stays when he`s there and that he tries to keep those details private," the report said on Friday.

In May this year, Musk said he was selling all his houses and listed his California properties too.

Musk was granted 101.3 million options, adjusted after a 5-for-1 stock split, this year.

In the meantime, Tesla`s stock has surged 782 per cent in the past year.

"As of October, Musk had earned awards currently worth about $20 billion before taxes, based on Thursday`s close, a portion of the potential total," the report said.

Musk last month surpassed Microsoft co-founder Bill Gates to become the second-richest person in the world.

The Bloomberg Billionaires Index put the Tesla chief executive with a $127.9 billion fortune above Gates at $127.7 billion for the first time.

The 49-year-old entrepreneur has added more than $100 billion to his net worth since January 2020, making him one of the fastest-growing among the world`s 500 richest people.

The move to Texas makes sense for him as it has no state income tax while California has the highest tax regime in the country.

Musk frequently visits Texas where Tesla and his startup Boring Company have operations and also a SpaceX facility that began operations in 2003.
Comments

Oh ya 5 year ago
Can't blame the guy who would want to stay in the nut factory. So no in San Francisco you cant smoke cigarettes in your apartment but you can smoke grass. Where do they find these nutbar lawmakers

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×