Elon Musk in 2020 posted a message that sounded like a radical shift in how one of the world’s richest people planned to live. “I am selling almost all physical possessions,” he wrote on Twitter, now X. “Will own no house.”

However, a recent The New York Times report suggests something very different happened behind the scenes after Musk moved from California to Texas.

According to the Times report, which was based on millions of business filings and property records across Texas, Musk quietly built a sprawling network of about 90 companies and legal entities in Texas that now control a growing collection of assets, including land, luxury homes, private jets, political spending vehicles and other investments.

A Vast Web Of Companies

The Times reported that more than 50 of the entities are connected to Musk’s major businesses, including Tesla (NASDAQ:TSLA), SpaceX and his charitable organization, the Musk Foundation. At least 37 appear to exist largely for Musk’s personal use.

The report found companies were used to purchase multimillion-dollar real estate, manage aircraft and accumulate large tracts of land around Austin and Bastrop County. Together, those entities have acquired more than 1,000 acres in the region.

Some of the assets include two luxury condominiums at the Austin Proper Hotel totaling more than 7,000 square feet, with views of downtown Austin.

Other entities hold large land parcels near Tesla’s Gigafactory, according to the Times. One company, Horse Ranch LLC, owns roughly 530 acres across from the factory. Construction activity has been spotted on parts of the land.

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The report added that the structure makes it difficult to see exactly how Musk is spending money. Limited liability companies are commonly used by wealthy individuals because they shield owners from legal liability and reduce public visibility into assets.

“Most people of normal means probably have none,” Hofstra University law professor Mitchell Gans told the Times.

Land, Homes And Political Spending

Several of the companies appear tied to Musk’s personal life, according to the Times. Some entities purchased homes for the mothers of his children, while others hold properties that Musk has lived in.

One company linked to a longtime associate owns two luxury condos where Musk and his partner Shivon Zilis reportedly lived for a period around 2022.

Other companies purchased large homes in wealthy Austin suburbs, including properties valued in the millions.