Elon Musk Said He'd Own Nothing — Then Quietly Built 90+ Companies in Texas

In 2020, Elon Musk announced he was moving to Texas and embarking on a personal austerity campaign. "I am selling almost all physical possessions. Will own no house," he posted on social media. Six years later, a New York Times investigation reveals he has quietly built an empire of more than 90 companies in Texas.

The Secret Empire

The Times identified at least 90 companies and legal entities in Texas tied to Musk. More than 50 are subsidiaries of his business empire — SpaceX, Tesla, his nonprofit Musk Foundation. But at least 37 companies appear to be largely for personal use.

Among these personal companies: one that owns two multimillion-dollar condominiums totaling more than 7,000 square feet in the Austin Proper Hotel, with sweeping views of downtown. Other companies manage private planes and a portfolio of more than 1,000 acres of land — larger than Central Park in New York.

The Political Machine

The investigation also reveals how Musk used private companies to support Donald Trump during the 2024 election. Tapping these companies to cover expenses of a super PAC is "highly unusual," campaign finance experts said, and ended up obscuring how money was being spent because LLCs are not subject to the same disclosure requirements.

The LLC Playbook

Musk's vehicle of choice is the limited liability company — designed to shield owners from legal and financial risks, as well as public scrutiny. "Most people of normal means probably have none," said Mitchell Gans, a law professor at Hofstra University. The ultrawealthy use them so frequently that some billionaires "cannot keep track of how many they operate."

Not Just Musk

Google founders Larry Page and Sergey Brin recently reduced their California presence ahead of a proposed wealth tax there. Page moved 45+ LLCs out of state, while Brin moved or terminated at least 15 — including one managing a superyacht.

The Bottom Line

"I will own no house" has become one of the most audacious lies in modern tech. Musk didn't simplify his life — he just made it invisible, hiding a vast personal empire behind a web of shell companies. When the world's richest man says he owns nothing, check the LLC filings.

Source: The New York Times