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WELCOME TO ELONTOWN, USA

Fortune US

|

December 2024/January 2025

The small town of Bastrop, Texas (pop. 12,000), has become a home base for Elon Musk's business empire. What comes next is anyone's guess.

- JESSICA MATHEWS

WELCOME TO ELONTOWN, USA

OPEN FOR BUSINESS SpaceX is one of several Elon Musk enterprises that have planted stakes near Bastrop, Texas.

IT'S A 40-MINUTE DRIVE from Austin to the quintessential Texas ranch town of Bastrop, where cowboy hats, cowboy boots, and pickup trucks drift along frontier-style storefronts and main streets whose layout has changed little since the 1830s.

People who live in the 12,000-person town, home to 131 nationally registered historical sites, describe it as a rare preserve of Old Texas-a hunk of land that has managed to stay outside of Austin's grip and sprawling growth.

But that's changing, say the old-timers: Home prices are rising; ranchland and open fields are being replaced by gravel pits. And it's getting harder to find a parking spot at the only grocery store in town. The crowds are starting to skew younger. There's more live country music in the restaurants. And in this year's election, some "Kamala/Walz" yard signs popped up downtown alongside the "Trump/Vance" ones.

And then there's Elon Musk.

The world's richest person has made a growing homestead for his various businesses in Bastrop County. Starlink, a division of Musk's SpaceX that makes internet satellites, has a 500,000-square-foot manufacturing facility just 15 minutes away from Bastrop's historic downtown. Musk's tunneling venture, the Boring Company, has a research and development center, and social media site X (born in San Francisco as Twitter), will soon break ground on its headquarters here.

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FLERE HISTORIER FRA Fortune US

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BUSINESSES WORLDWIDE have weathered a chaotic year so far in 2025. Shifting global trade and tariff dynamics and the AI race have made the pace of change even more relentless than usual. Costs have risen, and bankruptcies are up. Still, across sectors, some companies are not just staying afloat, but thriving—and in many markets, buoyant share prices show that investors retain their optimism.

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WHEN THE MACHINES CAME FOR AMERICAN JOBS

“FARM MECHANIZATION HAS JUST BEGUN,” proclaimed the cover of Fortune's October 1948 edition. And indeed, the rise of machines such as the tractor was causing profound changes in the American workforce, the accompanying article explained: “In 1800 three out of four in the working population were in agriculture... In 1948 only one in seven U.S. workers is needed to provide the nation’s food.” That trend continued: In 2003, Fortune reported that the agricultural workforce made up just 2% of employment—yet farms still produced a more-than-adequate bounty for American consumption and export.

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