Like it or not, Elon Musk is everywhere. His cars drive on our streets, his rockets fly over our heads and his every thought fills our social media feeds. Now imagine if he took over your hometown too.
That’s the reality for Bastrop, Texas, a historic town of about 12,000 residents about 40 minutes outside of Austin. The county in which it is located has become a base for Musk’s ever-expanding corporate circle. Satellite internet provider Starlink and tunneling startup Boring Company all operate from facilities within its borders, and Tesla and brain chip company Neuralink are nearby. Soon, the company formerly known as Twitter, also owned by Musk, will break ground on its new headquarters in Bastrop, and more than 100 X employees in Austin have been encouraged to make the small city their new home.
My colleague Jessica Mathews traveled to Bastrop twice to report on the transformation for our latest release Assets Edition in which Musk is No. 1 in our first ranking The most powerful people in business. She explored all sorts of oddities, from a Buc-ee’s parking lot full of Tesla charging stations to a Musk-run Montessori school, but mostly spent time talking to local residents about the bizarre takeover of their cowboy town, the one the last was an objector to the wave of gentrification in Austin. “I’ve been saying for months that it’s like a flying saucer landed,” a local lawyer told her.
I caught up with Mathews to talk about her fascinating article and how she approaches reporting on Musk’s sprawling empire (lest you forget, she wrote great Investigations on the Boring Company Misadventures in Las Vegas.) “There’s just a looming uncertainty throughout the city about what’s going to happen,” she told me.
Despite his constant presence in our lives, Musk still occupies this almost mythical, intangible status, which is even more true for Bastrop. No one Mathews spoke to had actually seen him in person, which is a reality she also faced when trying to get an interview with him or anyone in his network of companies (Believe it or not, they are not the biggest fans of). the traditional media.)
And while Musk can often elicit a guttural response from people, Mathews met a wide range of emotions with his companies’ stealthy presence. Some people were concerned about the prospect of rising real estate prices and the environmental threats of industrial development, particularly given the Boring Company’s track record. But others pointed to the involvement of Musk employees in local life, such as the rocket company SpaceX, which offered some of its land to a county organization for use as soccer fields. Surprisingly, none of Musk’s companies have applied for tax breaks, according to a Bastrop County commissioner. There appear to be genuine attempts to engage with and invest in the community.
It really seems like everyone in town is holding their breath and waiting to see what will happen. Residents also have more immediate concerns, such as a local scandal in which their mayor had an affair with the head of the city’s tourism nonprofit and allegedly interfered in an investigation into the misuse of city funds. The mayor’s attorney has denied any abuse or cover-up.
“It’s telling in itself because even when I was there there was a lot of other stuff going on,” Mathews said.
Is Bastrop really some kind of metaphor for all of us? That perhaps we should spend less time fretting over Musk’s takeover of the US economy and government – President-elect Trump named him co-head of the Department of Government Efficiency – and pay more attention to local news? I wouldn’t dare go that far. But if you do find yourself in Bastrop, you can charge your Tesla at Buc-ee’s while ordering a chorizo breakfast burrito. Or, as Mathews recommended, a calzone at a local restaurant called Neighbor’s, which has a patio overlooking the Colorado River.
“The city has so much personality,” Mathews said. There will be much more.
You can read her full article Here.
Leo Schwartz
Twitter: @leomschwartz
E-mail: leo.schwartz@fortune.com
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VENTURE OFFERS
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PRIVATE EQUITY
– Anacacia capital acquired a majority stake Florabelle Livinga Sydney-based homewares company. Financial details were not disclosed.
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– Periscope Equity acquired a majority stake Reservoir Communications Groupa Washington DC-based healthcare consulting firm. Financial details were not disclosed.
EXITS
– General Mills agreed to acquire the North American cat food and pet snacks business of Whitebridge Pet Tagsa St. Louis-based pet food and services company NXMH for $1.45 billion.
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OTHER
– Bending acquired JetCool technologiesa Littleton, Massachusetts-based provider of liquid cooling technology for data centers. Financial details were not disclosed.
IPOS
– Pony AIa Guangzhou, China-based developer of autonomous vehicle systems plans to raise $195 million through an offering of 15 million American depositary shares priced between $11 and $13 on Nasdaq. The company had revenue of $84 million for the fiscal year ended June 30, 2024. Dr. Jun Peng, Toyota Motor Corporation, Hong Shan, Ontario Teachers’ Pension Plan Board, Tiancheng Lou, IDGAnd 5 year capital support the company.
PEOPLE
– Humba Venturesa San Francisco-based pre-seed and seed fund managed by Susa Venturesadded Anna Sofia Lesiv as an investor. Previously she was at 8VC.