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Elon Musk packs his bags and leaves Silicon Valley for Texas

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The owner of Tesla, Elon Musk, confirmed this Wednesday that he has left Silicon Valley and has gone to live in Texas. "Yes, I moved to Texas", has assured during the summit of the Executive Council of The Wall Street Journal. The CEO justifies the change of residence in which the "great influence in the world" that the San Francisco Bay has will be reduced by the Covid-19 pandemic.

Although he has packed his bags, he has ensured that his main companies, Tesla and SpaceX, will maintain operations in California, although he has left the door open for future changes. “If a team has been winning for too long, tends to get a little complacent, a little authorized and then no longer wins the championship. California has been winning for too long. "

The choice of Texas is not accidental, it is a territory in which less taxes are paid, in fact, Musk has openly criticized California's fiscal policy on several occasions even stating that "regulations are immoral" and that the government is a "monopoly that cannot go bankrupt."

Musk's move has not been well received by the market and Tesla shares are falling at this time Wednesday about 3%. The falls come after four consecutive days in green. Tuesday's hikes coincided with a new capital increase of 5,000 million dollars.

JP MORGAN SEES TESLA OVERRATED

Not only is Elon Musk's move hurting Tesla's listing on Wednesday, JP Morgan hasn't been an ally either. The finance company has reviewed its position in the company and despite the fact that it has raised its target price still consider it to be overrated.

Specifically, the entity's analysts have raised by $ 10 to $ 90, the price they consider appropriate for the company's shares. This Wednesday, the company's shares register a price of around $ 600. In this way, JPMorgan considers that the price of the shares of the company led by Elon Musk could drop more than 85%.

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