Elon Musk has joined California's mass exodus.
- The CEO on Thursday announced he's moving Tesla's headquarters from Palo Alto to Austin, Texas. "It’s tough for people to afford houses, and people have to come in from far away," Musk told shareholders on Thursday. "There’s a limit to how big you can scale in the Bay Area.”
- That's not to say Tesla's going to leave a bunch of people unemployed. Despite the headquarters move, Musk says he plans on creating even more jobs for Californians in coming months. "To be clear, we will be continuing to expand our activities in California,” Musk said. “Our intention is to increase output from Fremont and Giga Nevada by 50 percent. If you go to our Fremont factory it’s jammed.” It's unclear when the move will take place.
- Does California need to do something to stop all of its residents from moving away?
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