AUSTIN (KXAN/CNBC) — Tesla CEO Elon Musk may be moving to Texas, according to a report from CNBC.

This comes after Musk, who was just named the the second-wealthiest person in the world by the Bloomberg Billionaire Index, has announced increasing developments in the state and in Travis County.

tesla construction
Construction at the Tesla site near State Highway 130 and Harold Green Road in Travis County. (KXAN Photo/Frank Martinez)

In the summer, Tesla chose the Austin area as the site for its largest auto assembly plant, which could potentially employ at least 5,000 workers. The plant will sit on a 2,100-acre area near Harold Green Road and State Highway 130.

SpaceX also has a launchpad in south Texas. SpaceX has been operating in Texas since 2003.

“Now, several of his close friends and associates say that Musk has told them he’s planning to move to the Lone Star State,” CNBC reported Dec. 4.

Musk has been critical of pandemic closures in California, threatening to move Tesla’s headquarters to Texas and Nevada in May. He also placed his California properties on the market earlier this year, CNBC said.

Income tax could also play a factor. California has the highest income tax in the U.S., and Texas has no state income tax, which could save Musk billions, CNBC reported.