Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Elon Musk has a $2.5 billion reason to move to Texas: avoiding California capital gains tax
https://www.businessinsider.com/why-did-elon-musk-move-texas-wealth-tax-capital-gains-2021-11Elon Musk has made no secret of his desire to get out of California.
"Will own no house," he tweeted on May 1, 2020, before embarking on a selling spree to rid himself of several mansions in the Golden State. His destination: a $50,000 pre-fab tiny home in Texas. Earlier this year, he also moved his company Tesla from the west coast to the Lone Star state.
He has even lent money to at least five buyers who used the funds to purchase his properties in the state from him, according to property records viewed by Bloomberg.
One likely reason for the urgency is a looming tax liability following the sale of 10% of his Tesla shares – a move that he appeared to put to a vote on Twitter, but in reality had previously committed to in an SEC filing.
Kick in to the DU tip jar?
This week we're running a special pop-up mini fund drive. From Monday through Friday we're going ad-free for all registered members, and we're asking you to kick in to the DU tip jar to support the site and keep us financially healthy.
As a bonus, making a contribution will allow you to leave kudos for another DU member, and at the end of the week we'll recognize the DUers who you think make this community great.