IMO people are overreacting, both people who like and dislike California. Musk is an American citizen and as such can live wherever he likes within US borders. California will be fine without Musk. They've still got nice weather which will attract people willing to pay their high taxes and if they have some tax base loss it's not the end of the world. Maybe they'll have to cut some fat out of their budget but there is plenty of fat.
Elon Musk moves to Texas
51–60 of 1001 posts
Re: Elon Musk moves to Texas
#52California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…
How much in subsidies did he get from California?
Nothing in comparison to what states offered. Giving businesses subsidies to attract more employers isn't anything unique to California.
Re: Elon Musk moves to Texas
#53California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…
How much in subsidies did he get from California?
Probably a lot.
Now that he's not there other willing people will have the chance to apply to those subsidies aware of the new regulations and the change in direction the state is taking.
Re: Elon Musk moves to Texas
#54Isn't the actual listed location of residence more a formality for a billionaire like Musk? I presume he'll still rent residences in LA and the Bay Area considering he'll be back and forth for business related to Tesla and SpaceX. This seems like he's renting a place in Texas and making a big deal out of 'moving there' to make a point about California's regulatory environment.
I'm surprised he doesn't do #vanlife out of his private jet.
Re: Elon Musk moves to Texas
#55California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…
>> unrecognized capital gains
Could you reference the law please? This sounds like the wealth tax which was raised but didn't pass committee. Is there a new proposition?
Re: Elon Musk moves to Texas
#56California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…
What are unrecognized capital gains?
Let’s say you are a painter, and you paint 20 pictures and sell 10 for 100,000 each. You pay taxes on the 1m you receive. The other 10 painting are sitting in a storage unit. Then at some point in the future someone, one of you previous customers sells their painting in a private sale for 10M. They pay capital gains on $9.9m. Now you as the painter hypothetically have $100M worth of in paintings in your storage unit. Traditionally this net worth is considered unrealized capital gains and is untaxed. It will be taxed when sold.
Replace paintings with ownership of a company (equity) and you should get the idea.
Re: Elon Musk moves to Texas
#57Not the first time he’s moved to find more permissive labor laws. He left South Africa after his family’s emerald mine became less profitable when apartheid ended.
Re: Elon Musk moves to Texas
#58Once Volkswagen gets its Modulare Elektroauto Baukasten rolling at full production speed it's game over for Tesla anyhow.
Re: Elon Musk moves to Texas
#59Earlier quoted context omitted.
This. All of our Teslas were bought online, and we showed up at the gallery or service center only to take delivery ("here's your [fob|rfid key] and we'll auth the vehicle in your Tesla account"). Carvana has a similar model for used vehicles, and they are very successful with the demo they cater to (buy online or in app, with a test drive period after purchase if you want to return the vehicle). People hate the trad…
I wish all brands had this. I despise the dealer sales experience.
My understanding is that car dealerships and the laws around them are essentially a sales union. They are in place to force manufacturers to leverage local sales people instead of their own.
It blew my mind when I went to a dealership that had radio ads about their great lease deals on a Chevy Volt. I walked in, told them I'd like to lease a Chevy Volt and that I was very excited about the deal.
They spent an hour trying to talk me into other cars and the sales people didn't know the first thing about what made the Volt so special. GM apparently didn't either since they discontinued it.
Re: Elon Musk moves to Texas
#60Earlier quoted context omitted.
"These laws make it illegal to buy a car from Tesla in person, at a Tesla Gallery. Thus, all Texas orders are taken via the internet or over the phone. Texas residents can still easily buy a car from Tesla, but the purchase is handled as an out-of-state transaction and must be completed before the vehicle ships to Texas." Tesla is not your regular dealership. Car purchases are made online anyways.
This. All of our Teslas were bought online, and we showed up at the gallery or service center only to take delivery ("here's your [fob|rfid key] and we'll auth the vehicle in your Tesla account"). Carvana has a similar model for used vehicles, and they are very successful with the demo they cater to (buy online or in app, with a test drive period after purchase if you want to return the vehicle). People hate the trad…
Purchasing a vehicle is at the top of my list of "least favorite responsibilities as an adult".