Elon Musk, the chief executive officer (CEO) of both %Tesla ($TSLA) and %Twitter, plans to build his own town in Texas.
According to a report in The Wall Street Journal newspaper, Musk, who is among the world’s richest people with an estimated net worth of $180 billion U.S., has been acquiring thousands of acres of land in Texas with plans to build a town where his employees can work and live.
The Journal reports that Musk has so far purchased at least 3,500 acres of land near Austin, Texas and is in the process of incorporating a town called %Snailbrook, which is an apparent reference to the mascot of Musk’s tunneling firm, the Boring Company.
The article cites county deeds and other land records, as well as emails to city officials in Austin as evidence of Musk’s plans.
Providing amenities to workers is nothing new in the technology sector. Many tech companies have built massive campuses for their employees, which they feel incentivizes people to stay at work and put in longer hours.
However, building an entire town near where Tesla is headquartered in Austin, Texas would take this approach to a new extreme, say industry observers quoted in The Wall Street Journal article.
Musk apparently wants employees at his various companies, which include Tesla, Boring Co. and %SpaceX, to be able to live in new homes at below-market prices.
The Snailbrook town includes plans to build more than 100 homes, as well as amenities such as community parks, an outdoor pool, and a sports arena.
In 2020, Musk announced that he was moving Tesla’s headquarters and his personal residence from California to Texas due to frustration with California’s COVID-19 restrictions.
Last year, Tesla opened a new electric vehicle manufacturing plant in Austin. Musk’s SpaceX and Boring Co. also have production facilities in Texas.
Tesla’s stock has declined 38% over the past year to trade at $172.92 U.S. per share.