California is actively looking for ways to extract more money from Elon.
It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover.
If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing just ahead of it.
In a situation like that, best to cut ties from the state as much as possible as soon as possible. This is why he had to sell all his CA assets.
It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover.
If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing just ahead of it.
In a situation like that, best to cut ties from the state as much as possible as soon as possible. This is why he had to sell all his CA assets.