One of the richest people in the world has seen his wealth soar over the years thanks to the increased value in companies in which he is the CEO and a leading investor.
Elon Musk could soon have a new income stream with the potential of housing projects for his employees.
What Happened: With the $44 billion acquisition of Twitter in 2022, Elon Musk is now the CEO of the social media platform, Tesla Inc TSLA and space company SpaceX.
While he holds the CEO title at three companies and often works long hours, Musk could be adding another title to his resume, one that could generate revenue or earnings, but potentially require fewer man hours.
Musk could be partnering with Lennar Corp LEN on building “Project Awesome,” according to a report from Tesmanian.
The project would create a new residential area of 110 homes in Bastrop County and could provide housing for employees of Musk-related companies including Tesla and The Boring Company.
The Austin Business Journal reported Lennar is working with The Boring Company on the housing project, citing Bastrop County Commissioner Mel Hammer as the source. Hammer revealed the connection between the housing project and the Musk company during a Jan. 23 meeting.
“The Boring Company is working with Lennar to build this housing subdivision to support the workers there,” Hammer said.
The Austin Business Journal said the organizations owned around 450 acres of land for the project, according to public records. “Project Amazing," the original name for the project, was approved for development according to 2022 documents.
Documents showed Cutterhead Xing, Porpoise Place, Boring Boulevard and Waterjet Way are among the street names used in the area.
Related Link: Would You Sell Your House For Tesla Stock? This Guy Did And Here's How Much He Made
Why It’s Important: Texas has become a focal point for Elon Musk and the companies he leads. Over the past three years, Musk moved himself and Tesla’s headquarters to the state of Texas.
SpaceX, Tesla and The Boring Company all have headquarters in the state of Texas along with Tesla’s Gigafactory Texas in Austin, which is one of the company’s key production facilities.
In April 2021, Musk tweeted that parts of Texas needed more houses, a potential plea for his current and future employees.
“Urgent need to build more housing in greater Austin area!” Musk tweeted.
Musk created many jobs in Texas and with a lack of housing available for those in the state or willing to relocate, Musk may be taking matters into his own hands.
Lennar is the second-largest public homebuilder in the U.S. While the initial deal calls for 110 houses, it could be the first of several projects between Musk and the homebuilder.
Reports of employees sleeping at the office at Twitter may get the headlines, but the fact that Musk is willing to get houses built for his employees could say a lot about how well the companies in Texas are performing.
No details yet on if the houses will be owned by Musk, The Boring Company, or put up for sale to employees to own.
Benzinga will keep you updated on this story as we learn more.
Read Next: Elon Musk Gave Nearly $2B Worth Of Tesla Shares To Charity In 2022
Photo: Elon Musk, Pixabay; Houses, Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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