Elon Musk moves his foundation to Texas, fanning relocation speculation

Elon Musk has moved his private foundation to Austin — another sign the billionaire may be relocating to the Lone Star State.

The Musk Foundation, which was based in California, created an entity in Austin over the summer. The two merged, according to a certificate of merger filed with the Texas Secretary of State in October that Musk signed. The surviving entity is located in the state capital’s downtown area.

Musk’s Space Exploration Technologies Corp. already has two facilities in Texas, and Tesla Inc. is building an assembly plant in Austin. CNBC reported last week that he’s told friends he is moving to Austin himself.

The Musk Foundation has a bare-bones website and keeps a low profile. Formed in 2001, it is dedicated to renewable energy and advocacy, human space exploration, pediatric research, science and engineering education, and research and development into “safe artificial intelligence to benefit humanity.”

It has awarded grants to a variety of organizations, including the SETI Institute, which seeks evidence of life on other planets, and the Chabot Space & Science Center in Oakland, California.

The foundation’s assets totaled almost $329 million as of June 30, 2018, according to a tax return filed last year. The return showed a $2 million gift to the Future of Life Institute in the Boston area, which focuses on “keeping artificial intelligence beneficial.”

Musk, 49, is the chief executive officer of Tesla, headquartered in Palo Alto, California, and SpaceX, based in Hawthorne, near Los Angeles. Tesla’s stock has soared more than 650% this year, and Musk’s wealth has ballooned to more than $145 billion, making him the world’s second-richest person.

Besides his own foundation, Musk has joined other rich luminaries in signing the Giving Pledge, a commitment to donate the majority of their wealth to philanthropy or charitable causes.