Shulou(Shulou.com)11/24 Report--

CTOnews.com, March 10, according to the Wall Street Journal, Tesla CEO Elon Musk has bought thousands of acres of pastures and farmland about 35 miles outside Austin, Texas, and plans to build a town for employees to live and work, according to land records such as land deeds and people familiar with the matter.

Musk described the city as a "Texas utopia along the Colorado River," according to the Wall Street Journal. It is reported that Musk will be able to formulate some city regulations there.

The proposed municipality is said to be adjacent to the bases of Boring and SpaceX, which are currently under construction, and has built some prefabricated houses, swimming pools and gyms, and they have signs on telephone poles with the words "Welcome to Snailbrook,tx,est.2021" (CTOnews.com Note: Snailbrook is the name of the mascot of Boring and the name of the town).

Last year, it was also reported that CEO Steve Davis had talked about holding a mayoral election at a plenary meeting of Boring employees.

In mid-2022, foreign media reported that SpaceX planned to build a large project of 520000 square feet (about 50, 000 square meters) in Bastrop County, east of Austin.

Musk reportedly wants to provide his employees with rental housing that is "much lower than the local market price". It is said that an ad shows that a two-or three-bedroom house there costs only $800. you know, the monthly rent in Bastrop near the town is $2200.

Under Texas law, a town needs an application from at least 201 residents to register, and then it needs to be approved by a county judge. A spokeswoman said Bastrop County had not received an application from Mr Musk. However, the Wall Street Journal also mentioned that they plan to build another 110 houses in the area where Snailbrook is located.

In fact, Musk's entities have bought at least 3500 acres of land in the Austin area in the past three years. According to the Wall Street Journal, some reports suggest that Musk even controls 6000 acres of land, but there is no evidence.

Of course, even if Musk were to build his own town, he would not be the only billionaire to do so. Back in 2021, Dallas Mavericks owner Mark Cuban bought the entire Texas Mustang for an undisclosed amount.

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