Has Elon Musk set up a new Texas company? What we know

Elon Musk appears to have incorporated a new company in Texas, according to business filings reviewed by Newsweek.

There has been considerable interest in the corporate activities of Musk, the world’s richest person, particularly as he has assumed greater political significance as one of President Donald Trump‘s close allies.

Known foremost for his role in business, Musk stepped into the political sphere through his support for Trump in the 2024 presidential election. When Trump won, he appointed Musk to head the unofficial Department of Government Efficiency (DOGE).

However, he has since indicated plans to pivot back to business. In May, he said he plans to cut back on political spending, telling a conference he had “done enough.” He has also recently taken a step away from his political role to focus on Tesla and SpaceX.

The new firm, Thriving Capital Ventures, LLC, was incorporated on May 9, 2025, and lists Musk, along with two other individuals, as a manager.

The corporate filings do not indicate the purpose of the business. Anyone can be named on corporate filings, so Newsweek cannot verify if this company was definitely registered by the people named in the business filings, or if it was filed fraudulently.

Newsweek reached out to Musk via Tesla for comment.

Yair Cohen, a United Kingdom-based lawyer specializing in internet law, told Newsweek that the formation of the new business suggests “Musk is gearing up for something bigger” and is working quietly to give himself time and space to organize the company.

Another manager listed with the business is Dr. Omar N. Alsewaidi, who is based in Oakville, Ontario, Canada. There is a family physician at a medical clinic in the same area named Dr. Alsewaidi, but Newsweek cannot confirm if this is the same individual, as the doctor did not respond to a request for comment.

The third manager is Essam M. Aboud, whose address is registered in São Paulo, Brazil.

Cohen said using international partners might suggest Musk’s new business will have global reach.

“Musk often thinks on a global scale, and we’ve seen him bring in international partners or investors for his projects, like when he launched Gigafactories in China and Germany, or attracted overseas investment for xAI,” he said. “Having organizers from Canada and Brazil might hint that he’s planning something with a broader reach, or just keeping his options open internationally.”

Thriving Capital Ventures is registered to a private office block in the northeast of Dallas, Texas, a stone’s throw away from the George W. Bush Presidential Center. The office block offers physical offices and virtual offices for fully remote businesses. It is not clear whether Thriving Capital Ventures is using the office space physically or virtually.

Lawyer’s Aid Service, an Austin, Texas-based corporate filing service company that assists individuals in forming corporations, is listed as an agent in the business. Lawyer’s Aid Service’s clients are primarily attorneys and law firms, although they also take on other clients, according to their website.

“It’s actually pretty classic Musk to quietly set up a new company like this,” Cohen said. “He’s done it before when he was about to make big moves. For example, before he bought Twitter, he created X Holdings behind the scenes to manage the deal. He did something similar with xAI, his artificial intelligence company, and The Boring Company as both were incorporated quietly before he went public with their missions.”

“As for not announcing it publicly yet, that’s not unusual for him,” he added. “Musk tends to keep things under wraps until he’s ready to make a splash, probably to avoid too much speculation or to give himself room to pivot if needed.

“So, in short: This move suggests Musk is gearing up for something bigger, possibly a new wave of investments or ventures, and he’s doing it in his usual, quietly strategic way. The international connections might mean he’s thinking beyond the U.S. from the start.”

Musk has other widely publicized business endeavors. He is building a corporate campus in Bastrop, Texas, located approximately 30 minutes east of Austin. Court filings reported by the BBC indicate that a large metal building in the area will serve as the new headquarters of X.

The area will also be home to Musk’s infrastructure company, The Boring Company, and a SpaceX facility that manufactures Starlink satellite internet equipment.

Musk has also built a SpaceX facility in Cameron County, Texas, near the border with Mexico. In May, residents approved to make the area a city called Starbase.

The registered address of Thriving Capital Ventures is around a nine-hour drive from Starbase and a three-and-a-half-hour drive from Bastrop.