Tesla CEO Elon Musk has joined the ranks of Americans who have made a “pandemic move.” After spending most of his life in California, Musk moved to Texas.

The CEO of Tesla made the announcement during an interview with The Wall Street Journal at its annual board meeting. He cited the construction of a new Tesla plant near Austin as the reason for his move, as well as the planned SpaceX test flights planned near the South Texas village of Boca Chika.

He also criticized the California economic environment and cited it as one of the reasons for moving to Texas. “If a team wins too long, they become complacent,” Musk said. “California has been winning for a long time and I think they have become complacent.”

Musk argues that Silicon Valley, where the world’s largest and most influential companies operate, is losing relevance.

It seems that Musk had decided to leave California. On May 1, he tweeted: “I no longer own the house.” It was later revealed that he had sold all four of his homes in California for $ 62.5 million.

In Texas, Musk will be able to stay closer to his companies ’various projects. Muskie saves a lot of money on income tax by moving to Lone Star State. The billionaire plans to raise more than $ 50 billion in stock, and if he stayed in California, he would have to pay a large amount in profit tax, compared to Texas where Musk would not need to pay personal income tax.

Musk recently surpassed Bill Gates and became the second richest man in the world. His fortune now stands at about $ 128 billion. With a billion-dollar fortune, it now lags behind only Amazon CEO Jeff Bezos.