Elon Musk, CEO of Tesla Inc., has stated on Twitter that he will pay an excess of Ksh. 1.2 trillion in taxes this year. This is going to break all the records in payment of taxes to the U.S. Internal Revenue Service.
Bloomberg News also reported that the heavy taxes are due to the almost 15 million option and millions of shares sold to cover taxes rising from various transactions. Last month Elon Musk conducted a Twitter poll where he asked his followers on whether he should sell 10 percent of his stake in Tesla. The shares of the said company had rocketed by more that 2,300 percent over the past 5 years.
In June, ProPublica reported that Elon Musk pays little in income tax compared to the size of his wealth. Musk did not take the report lying down. He made a rebuttal indicating that he does not get a salary from both Tesla and SpaceX. He also added that he paid a tax rate of 53 percent on stock options that he holds.
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
He recently stated that this year, he will pay more taxes than any American in history. That was a rebuttal to a Tweet by Sen. Elizabeth Warren of Massachusetts who attached Musk based on Time Magazine’s nomination of Elon Musk as the Person of the Year.
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Elon Musk is monied indeed!