Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk may be the world's richest person, but he calls a simple house in South Texas his main residence.
What Happened: Musk confirmed that his main home is now a small, tiny one located at the Boca Chica Village in South Texas, the billionaire revealed on the Full Spend podcast last Thursday.
When the hosts asked him about the boxabl rumor, he confirmed he had one. Boxable is a company that manufactures foldable homes costing around $50,000.
But he said he doesn't really have a main residence.
"My main house, if I have a main house, is in South Texas, in Boca Chica Village on Weems Street," he said.
Musk jestingly remarked that he is trying to change the name of the street to "Meme Street" if he gets enough people on the street to agree to the change.
He also noted that the house he currently stays in cost him $45,000 and described it as a "small, tiny" house.
"I'm in love with the place and have done a lot with the place," he added.
SpaceX is very close to the house, so he can "literally walk through to the factory," Musk said.
When asked whether he likes living like that, he said he would like to spend a Sunday by himself in the place just to relax. He also noted that he used the boxabl as the guesthouse.
Read Musk's view on the housing bubble burst and his takeaway from it
Why It's Important: In June 2021, Musk said that he lives in a $50,000 house in Boca Chica, rented out from SpaceX. The only house he owned is the events house in the Bay Area, he added.
The Tesla CEO tweeted in 2020 that he would sell almost all his physical possessions and will not own a house. He reportedly followed through with his plan and disposed of all his mansions when he shifted his base from California.
The Wall Street Journal reported late last year that Musk has been living in an 8,000 square-foot estate owned by PayPal, Inc. (NASDAQ:PYPL) co-founder Ken Howery and was scouting for mansions. This was subsequently refuted by both parties.
Tesla shares were up 4.79% on Monday, trading at $905.90 according to Benzinga Pro data.
Photo: Created with images from Steve Jurvetson on Flickr