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Elon Musk’s California Exit Can Save Him $2 Billion in Taxes

The billionaire’s sale of multiple homes was a crucial step in fleeing the high-tax state.

Elon Musk

Elon Musk

Photographer: Frederic J. Brown/AFP/Getty Images

“I am selling almost all physical possessions. Will own no house.” 

By Elon Musk’s standards, his May 2020 tweet wasn’t all that weird. “Possessions kind of weigh you down,” he said on a podcast a few days later, and went on to list seven homes in California. In December, he announced he’d moved to Texas. His charitable foundation followed and, soon, Tesla Inc. will too.