Muska's City For Tesla And SpaceX Employees
Aa
Share
Musk and his executives want his Austin-area employees, including those at Boring, electric car maker Tesla Inc. and space and exploration company SpaceX to be able to live in new homes at below-market rents.
Musk’s city
Elon Musk plans to build his own city on part of thousands of acres of newly purchased pasture and farmland outside the Texas capital.
In meetings with landowners and real estate agents, Musk and his company employees described their vision as a kind of utopia in Texas along the Colorado River where his employees could live and work. Musk has been an advocate of affordable housing for workers. In 2018, during a public panel discussion with then-governor Brian Sandoval of Nevada, Musk spoke about building housing for Tesla employees next to the company's massive complex outside Reno.
The planned city is adjacent to the Boring and SpaceX facilities that are currently under construction. The site already features a group of modular homes, a swimming pool, an outdoor sports area and a gym.
The management of Musk's tunneling business, Boring Co., discussed and explored incorporating the city into Bastrop County, about 35 miles from Austin, which would allow Musk to set some regulations in his own municipality and advance his plans.
Under Texas law, a city must have a population of at least 201 before it can apply for incorporation and subsequent approval by a county judge. Bastrop County has not received an application from Musk or any of its entities.
Musk has been planning to build a city for a long time, and a few years ago he helped his brother, Kimbal Musk, perfect the idea of building an off-grid community. Musk's plans don't end with Texas. Last month, Tesla said it was continuing its expansion in California as well, and named the Palo Alto office as its engineering headquarters.
Musk property
Over the past three years, entities affiliated with Musk's companies or executives have purchased at least 3,500 acres in the Austin area, a total of about four times as much as New York's Central Park, according to county records and other land registries.
Some local real estate and land officials said people close to Musk told them the billionaire owned even more land in the area - as much as 6,000 acres.
Land purchases in Texas took place through at least four limited liability companies. These companies are linked to Musk's business or their officials in county and land registries and state business records that list their names.
Musk was the main driver behind the plans, and all land purchases must be approved by him.
In neighboring Bastrop County, about an hour southeast of Austin, SpaceX is building a 500,000-square-foot facility, and Boring is building a new warehouse across state road 1209.
Read next: AUD/USD Rose Above 0.66, USD/JPY Drop Below 137.00| FXMAG.COM
Tesla share price
Since the beginning of the year, Tesla's share price has been rising towards 205.00, but since the beginning of March, the share price has started to fall below 200.00. Tesla shares recently closed at 170.85.
Source: wsj.com, finance.yahoo.com
