I am sure there is no connection between these two events at all…
- California is going to impose a 0.4% tax on residents with a worldwide net worth in excess of $30,000,000. The proposed tax applies to anyone spending as little as 60 days in California. Finally, it continues to apply for 10 years after you leave the state if you were a resident when the Bill passes (which it has not yet)
- Elon Musk is moving to Texas (which has no income or wealth taxes).
Elon Musk, who is worth a mere $182.9 billion as of writing, and therefore would owe $731.6 million in wealth taxes each year for 10 years if he was a resident of California when the law passed, definitely did not decide to move to Texas due to taxes. I am sure he is a fan of Chilli.
By the way, Musk does not have $731.6 million in cash so he would need to sell shares to raise this amount each year. Given the massive capital gain on Tesla shares it is estimated the wealth tax and the capital gains tax each year would be over $1.1 billion each year for 10 years if he stayed in California.