Elon Musk moves Tesla to Texas in Silicon Valley snub

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Elon Musk has announced he is leaving Silicon Valley for Texas, and predicts the tech hotspot could lose its influence.

The billionaire entrepreneur declared that California had "too much influence in the world" but that its power is waning.

Tesla, valued at $500bn (£372bn), has its headquarters in California, but will build a new factory in Austin.

Space X – Mr Musk's spaceflight company – already has facilities in Texas.

"The two biggest things that I got going on right now are the Starship development in South Texas … and then the big new US factory for Tesla," Mr Musk told the Wall Street Journal.

Living in California "wasn't necessarily a great use of my time," he added.

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