Tesla CEO Elon Musk set to pay over $11 billion in taxes in 2021

Elon Musk, the worlds richest person with a net worth of $243 billion, just revealed in a tweet that he will pay more than $11 billion in taxes in 2021. This might be a record payment to the Internal Revenue Service of the United States.

The billionaire may owe more than $10 billion in taxes until all of his options expire in 2021. Musk exercised around 15 million options and sold millions of shares to meet the taxes associated with these transactions, resulting in an uncharacteristically high tax bill.

Earlier this month, he polled his Twitter followers on whether he should sell 10% of his Tesla stake. the electric vehicle manufacturer, whose stock has increased by more than 2,300 percent in the last five years. Additionally, he forecasted an increase in the tax rate next year.

Musk is paying more taxes than any other American this year. It was in reaction to a tweet from Massachusetts Senator Elizabeth Warren, who chastised Musk on his taxes while referencing his Time Magazine “Person of the Year” honor.

Musk’s riches is mainly based on Tesla, which crossed the $937 billion mark on Friday, and SpaceX, which was recently valued at $100 billion following a funding round.

After committing to sell nearly all of his personal property, including six mansions, he now resides in a 400-square-foot rental unit.

He has a net value of 134 million troy ounces of gold or 3.39 billion barrels of oil as of today.

What do you think?

Written by Babatunde Okerayi

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