(KXAN/NEXSTAR) – California has just lost its wealthiest taxpayer. Billionaire entrepreneur Elon Musk said Tuesday that he has moved his personal residence to Texas.

The news comes after Musk, who was just named the second-wealthiest person in the world by the Bloomberg Billionaire Index, announced increasing developments in the Lone Star State.

Speaking at a Wall Street Journal CEO summit Tuesday, Musk made an analogy apparently referencing overregulation and industry complacency as driving factors.

“If a team has been winning for too long, they do tend to get a little complacent, a little entitled and then they don’t win the championship anymore,” Musk said, according to CNBC.

Musk has been critical of pandemic closures in California, threatening to move Tesla’s headquarters to Texas and Nevada in May. He also placed his California properties on the market earlier this year, CNBC said. There are no known plans to move existing SpaceX or Tesla operations in California at this time.

“California has been winning for a long time, and I think they’re taking it for granted,” he said Tuesday, according to the Verge. “California has been winning for too long.”

Income tax could also play a factor. California has the highest income tax in the U.S., and Texas has no state income tax, which could save Musk billions, CNBC reported.

In the summer, Tesla chose the Austin area as the site for its largest auto assembly plant, which could potentially employ at least 5,000 workers. The plant will sit on a 2,100-acre area near Harold Green Road and State Highway 130.

SpaceX also has a launchpad in south Texas, according to CNBC, and SpaceX has been operating in Texas since 2003.