Elon Musk, the CEO of Tesla, Twitter, and Space X, is reportedly working on another big project that is promising to be different from anything he has done before. According to a recent report by The Wall Street Journal, one of the wealthiest men in the world is planning to build his own town.
Musk recently purchased thousands of acres of land outside Austin, Texas, and wants to use it to construct an entire town where his employees could work and live. The project is described as a “Texas utopia along the Colorado River.”
There are currently discussions to incorporate the town into Bastrop County, a move that would allow Musk to “set some regulations in his own municipality” and fastrack the entire project. He also plans to offer rentals well below market value, with three-bedroom homes expected to be priced at $800 per month. For comparison, similar rentals in the area cost $2,200 in monthly rent.
WSJ reports that the town would be adjacent to the facilities of Musk’s Boring Company and SpaceX, which are currently under construction. There are already some activities on the site, with modular homes, a recreational area, a pool, and a gym already in place.
The stage to which Musk’s plan to build a town has progressed is currently unclear. Bastrop County’s spokesperson told WSJ that they hadn’t received any application for incorporation from Musk. It is important to note that the town would need to have more than 200 residents to be eligible to incorporate under Texas law.