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Tesla is moving its headquarters to Texas. CEO Elon Musk said at the company's annual shareholder meeting they will be moving from Palo Alto, California to Austin, Texas. The move is in response to the rising cost of living in the Bay Area, as Musk said it is "tough" for people to afford houses and that there is a "limit" to how big you can scale there. Musk said it would take some time even after completion before full production can be reached at the Austin plant.