Elon Musk could save billions in taxes if Tesla moves its headquarters to Nevada or Texas

By moving his company and his home to Nevada or Texas, Elon Musk could save billions in income taxes

"This is the final straw," Musk tweeted. "Tesla will move its HQ and future programs to Texas/Nevada immediately."

But accountants to the California wealthy say that Musk would join a growing list of wealthy Californians moving to Nevada and Texas to avoid California's famously high income taxes. According to Tesla's filings, the package could net him a total more than $55 billion over time if the company meets a series of targets. The first tranch was triggered last week, and is already worth more than $780 million in profits to Musk. Musk will pay income taxes on the profits from stock options when he exercises the options.

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