STORY: Elon Musk said Tuesday he will move the headquarters of social media platform X and rocket company SpaceX from California to Texas.
The billionaire cited a new California gender-identity law as the "final straw."
Musk, who has a transgender daughter, added the move was spurred by the law and the "many others that preceded it, attacking both families and companies."
With these steps, the world's richest man will have relocated Tesla and most of his companies to Texas.
He changed his own residence in 2021 from California to Texas, where there is no state income tax on individuals.
Musk last week endorsed Republican Donald Trump for president.
Wedbush Securities Managing Director Dan Ives says there's nothing random about the timing:
"I think it's political. I mean, it's happening during the Republican National Convention, Musk clearly putting support behind Trump."
"We're going to see more and more of this from Musk, especially as we get toward November and as we all know from Musk, he's goes to the beat of a different drum and he's not going to stay quiet."
Musk in recent years has become outspoken on politics.
He often criticizes the Biden administration and Democrats' positions on issues including transgender rights and immigration.
California voters have historically supported Democratic candidates, while Texas is considered a reliable Republican stronghold.
Musk said SpaceX's main office would move to an existing facility in Boca Chica, Texas, while X would move to Austin.
But the extent to which jobs or facilities in California will transfer to Texas was unclear.
