Elon Musk has a $2.5 billion reason to move to Texas: avoiding California capital gains tax
for his work for Tesla, instead taking out loans against his roughly $300 billion fortune to live off of and avoid paying income tax. This year's stock sales are widely believed to be necessary to pay off some of those loans and take advantage of certain stock options that will expire next year.
Ordinarily, California would charge an additional 13.3%, but Musk can avoid this if he completes his move in time. In order to be exempt from taxation underAccording to an, Musk owns about 170 million shares of the electric automaker. Selling 10% of his hoard — about 17 million shares — at the company's stock price of about $1,130 a share as of midmorning Tuesday would produce a windfall in the neighborhood of $19.2 billion. California's 13.3% cut, then, would be around $2.5 billion.
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