Elon Musk with a Tesal. Photo by Maurizio Pesce via Wikimedia Commons

Elon Musk founded wildly successful companies like PayPal, SpaceX and Tesla in California, but he said Tuesday the state no longer values innovators and he has moved to Texas.

Musk revealed his new home state during a forum sponsored by The Wall Street Journal. He spoke by video from Texas.

He said relocating made sense because Tesla’s second U.S. factory is planned for the Austin area. SpaceX also has a facility in south Texas where it is building a new Mars rocket.

Musk said California had become “a little complacent, a little entitled” and is taking innovation for granted. He also predicted that Silicon Valley’s influence on the economy would decline.

Leaving the Golden State also has financial benefits, as Musk qualified this year for billions of dollars in stock-option compensation. By moving to Texas, he will avoid paying state taxes on those earnings.

But in any case SpaceX and Tesla will retain large operations in the Los Angeles area and Silicon Valley.

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.