Tesla (TSLA) Officially Moves HQ to Texas

Tesla (NASDAQ: TSLA) said it has officially moved its corporate headquarters from Silicon Valley to its Gigafactory near Austin, Texas. The company made the announcement late Wednesday in a filing with U.S. securities regulators.

In U.S. regulatory filings at the end of last year, Tesla said it had about 71,000 employees worldwide. Company news releases in 2020 said about 10,000 work at the Palo Alto headquarters and 10,000 are employed at its factory in Fremont, California. It wasn't clear if all of the headquarters employees would be required to move.

Wedbush analyst Daniel Ives said in October that he expects some of the 10,000 employees in Palo Alto won’t want to leave the Bay Area, but expects 40% to 50% to make the move.

“The tax incentives down the road, we believe, will be massive when you compare taxes versus California,” Ives said. “Getting employees is much cheaper and easier in Texas.”

Tesla CEO, Elon Musk has said that he has moved his residence from California to Texas.

By Michael Elkins | [email protected]

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