Elon Musk has announced his decision to move the headquarters of X and SpaceX from California to Texas. The decision comes in response to Governor Gavin Newsom’s recent enactment of Bill AB1955, which Musk criticized as bad for families.
According to Musk, X will now be based in Austin, Texas, while SpaceX will relocate to Starbase, Texas. The billionaire expressed his frustration with the current situation in California, stating that he “had enough of dodging gangs of violent drug addicts just to get in and out of the building.”
Musk also took issue with the bill, which he claims would prevent schools from informing parents if their child identified as transgender.
He revealed that he had previously warned Governor Newsom about the potential consequences of such legislation, stating, “I did make it clear to Governor Newsom about a year ago that laws of this nature would force families and companies to leave California to protect their children.”
The move also highlights California’s strict stance on cryptocurrencies. In 2023, Governor Newsom signed the “Digital Financial Assets Law,” which imposes strict reporting requirements and mandates that entities and individuals obtain a Department of Financial Protection and Innovation (DFPI) license to conduct crypto businesses.
This law is set to take effect in 2025 and requires license holders to maintain business records and sensitive data for five years.
Earlier this year, Gov. Newsom declined to sign a similar bill, arguing that it failed to create comprehensive regulations that could keep pace with the evolving digital asset landscape.
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