Tesla CEO Elon Musk denied a Wall Street Journal report on Wednesday that he lives in a billionaire's estate. He claimed that he has been living in a $50,000 rental home near his SpaceX site.

The Wall Street Journal reported that Musk has been staying at a $12 million estate in Austin, Texas, which is owned by his friend Ken Howery, a co-founder of PayPal.

“What Mr. Musk hasn’t said, and what few people know, is that for roughly a year he has also been living in a waterfront estate in Austin owned by a rich friend nicknamed 'Kenny,' people familiar with the matter say—a home so extravagant that it was the most expensive listed in the Texas capital when it was sold just a few years ago," the Journal report read.

In an email to Business Insider, Musk said “The WSJ article is false. I don’t live there and am not looking to buy a house anywhere.”

Musk is the world's richest man, with a net worth of $261 billion, according to Bloomberg Billionaire Index. Although in May, he posted on Twitter that he would be "selling almost all physical possessions" and that he “will own no house” in order to live a simpler and more minimalist lifestyle.

Musk then tweeted in June, “My primary home is literally a ~50k house in Boca Chica/Starbase that I rent from SpaceX. It’s kinda awesome though.”

The Journal's report came after Time magazine recently noted that “The richest man in the world does not own a house,” when naming Musk their "Person of the Year."

Howery told the Journal in a text: "Elon does not live at my home, he lives in South Texas. He stayed at the house as my guest occasionally when traveling to Austin.”