Electric automaker Tesla is moving its corporate headquarters from California to Austin, CEO Elon Musk said Thursday, a stunning announcement that continues Austin's rise as a technology hub. Musk broke the news during the company's annual shareholders meeting Thursday afternoon, which was held for the first time at the $1.1 billion manufacturing facility Tesla is building in Travis County, on a 2,100-acre property at Texas 130 and Harold Green Road. "I'm excited to announce we're moving our headquarters to Austin, Texas," Musk said. "We're going to create an ecological paradise here around the Colorado River." Musk had previously threatened to move the company's headquarters from Palo Alto, California, to Texas or Nevada in 2020, following disagreements with California lawmakers. The CEO did not mention that dispute during Thursday's shareholders meeting. Dan Ives, an analyst with Wedbush Securities, said Tesla's decision is a major win for Austin and also makes sense for the company. "This is a major strategic move for Tesla that makes a ton of sense," Ives said. "The tea leaves were there for Tesla to make this move and it’s a huge feather in the cap for Austin." Musk had announced in July 2020 that Austin was the choice for the factory (shown in the second photo), where the company plans to produce its Cybertruck, Semi, Model 3 company sedan, Model Y and batteries. Musk said Thursday that the Austin facility may also produce Tesla ATVs. Musk said Thursday that Tesla is making great progress on the Austin-area factory, which the company has dubbed Giga Texas. The first vehicles are expected to roll out of the facility as early as this year, and the facility could bring more than 10,000 new jobs to Central Texas through 2022. #tesla #elonmusk #texas