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Tesla CEO Elon Musk moves private foundation from California to Texas

Tesla CEO Elon Musk has moved his private foundation from California to Texas, according to a merger certificate filed with the Texas Secretary of State.

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The October filing shows the California foundation merged with an entity created in Austin, Texas.

The Musk Foundation, founded in 2001, focuses on grants for renewable energy, human space exploration and pediatric research, science and engineering education, and the development of artificial intelligence safe for the benefit of mankind, according to its barebones website.

According to Bloomberg, the foundation’s assets as of June 2018 were close to $ 329 million, according to last year’s tax return.

Representatives for Musk and Texas Secretary of State Ruth Hughes did not immediately return FOX Business’s requests for comment.

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The announcement comes as rumors circulated that Musk was planning an official move of his businesses to the Lone Star State after clashing with California health officials over coronavirus restrictions at Tesla’s Fremont facility. earlier this year.

The foundation is the latest sign of Musk’s potential move, following his announcement of plans to build a second Tesla plant in Austin in July. Musks’ Boring Company also hinted earlier this month that an expansion could happen in Austin after the tunnel company posted several job postings in the area.

Additionally, Musk’s aerospace company, SpaceX, has two facilities located in McGregor and Brownsville, Texas.

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