Austin, Texas - Billionaire Elon Musk reportedly has a new big project underway – building a small town in Texas to house his many employees.

According to a report from The Wall Street Journal, Musk and his companies have so far bought up nearly 3,500 acres of land near Austin.

They are working to incorporate the name Snailbrook for the town, a reference to the mascot of Musk's The Boring Company.

The town will be used for employees of Boring Co., Tesla, and SpaceX "to be able to live in new homes with below-market rents."

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Plans include over 100 homes to be built along with neighborhood amenities, including a pool and an outdoor sports facility.

The Boring Co. also owns 11 parcels of land near the Colorado River and other parcels in Bastrop County.

In May 2020, Musk expressed interest in moving Tesla headquarters either to Texas or Nevada, citing issues with California's Covid-19 policies. He successfully opened a gigafactory in Austin the following year.

Some believe that Elon Musk may be gearing up to leave California entirely. He currently resides in San Francisco, where the headquarters of Twitter are located.