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Is Elon Musk moving to Texas? Rumors swirl as construction begins on Austin gigafactory

The billionaire told some of his closest friends he's moving to the Lone Star State, according to a CNBC report.

AUSTIN, Texas — Another billionaire could be moving to Texas.

In July it was announced that Tesla picked Austin for its $1 billion Gigafactory that will employ 5,000 people, and now Elon Musk, the company's CEO, could be moving to Texas.

That's according to a CNBC report, which cited unnamed sources. The report stated that several of Musk's close friends said the CEO is planning to move to the Lone Star State.

The report doesn't mention where the billionaire would move to in Texas, but it did say that there are currently no records of a change in Musk's residence.


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However, in July, Gov. Greg Abbott said on CNBC's "Squawk Box" that Musk told him he already changed his driver's license from California to Texas. 

If Musk did move to Texas, it would save him a pretty penny. The CEO would save billions of dollars in taxes. Texas does not have a state income tax, while California has one of the highest in the U.S.

Construction has already started on the gigafactory, which is being built on more than 2,000 acres of land off Texas 130 and Harold Green Road in southeastern Travis County.

KVUE has reached out to Tesla to confirm the move. This story will be updated when we receive a response.

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