Elon Musk says he’s going to pay more than $11 billion in taxes this year.
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
Jason Lalljee and Andy Kiersz reported last week that Tesla’s founder Elon Musk could owe about $12 billion in taxes this year. Based on taxes on Tesla stock, nearly a billion in Net Investment Income Tax, and what he’s likely owed the state of California in state tax.
Last week, Musk claimed that he will “pay more taxes than any American in history this year” in response to Elizabeth Warren’s tweet that he was “freeloading off everyone else.”
Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else. https://t.co/jqQxL9Run6
— Elizabeth Warren (@SenWarren) December 13, 2021
The world’s richest man Elon Musk will pay $11 billion in taxes this year
Tesla shares have experienced a good start to the new year, with the stock climbing more than 30% so far this year. The shares of Tesla are up almost threefold since early December and Elon Musk has exercised a number of his Tesla shares to reduce his tax obligation.
A ProPublica investigation revealed that the billionaire had paid very little in taxes from 2014 to 2018, despite his enormous wealth, which grew by over $13 billion in the same time. He also paid no federal income tax in 2018.
Elon Musk is the world’s richest man with a net worth of $243 billion, according to the Bloomberg Billionaires Index.