WASHINGTON 

Tech billionaire Elon Musk is planning to build his own town outside of Austin in the US state of Texas, according to a report Thursday. 

The Wall Street Journal reported that the planned town in Bastrop County would be built on land adjacent to Boring and SpaceX facilities now under construction.

Citing people familiar with the project, the report said it would allow the Twitter owner to set some regulations in his own municipality and expedite his plans.

The people reportedly said that Musk wants employees at his companies Boring, Tesla and SpaceX to be able to live in new homes with below-market rents.

Under Texas law, a town needs at least 201 residents before it can apply to incorporate, then approval from a county judge, according to the report.

Bastrop County has not received an application from Musk or any of his entities, a spokeswoman told The Journal.