Elon Musk to Make Record $11 Billion Payment in Taxes

• Tesla CEO Elon Musk has disclosed that he will pay more than $11 billion in taxes for this year

• This amount could be the highest paid by a single individual to the U.S. Internal Revenue Service in a year

• Bloomberg reported that the world’s richest man could receive a tax bill of more than $10 billion if he exercises all his options due to expire next year

The world’s richest person Elon Musk has revealed that he could be set to pay more than $11 billion in taxes in 2021, a record payment to the U.S. Internal Revenue Service.

Last week, Musk hit back at Sen. Elizabeth Warren, stating that he’ll pay more taxes than any American in history this year.

These claims were in response to the senator’s tweet where she called him out on his tax payment after he was named the Times person of the year for 2021.
Bloomberg reported that until the billionaire’s options expire in 2021.

So far, Musk has exercised almost 15 million options and this has forced the billionaire to sell millions of shares to cover the costs of the transaction.

Last month, the Tesla CEO quizzed his Twitter followers on if he should sell 10% of his stake in Tesla, the electric car company.

The billionaire has often been criticized for his low tax, with a report by ProPublica in June stating that he pays little income tax relative to his wealth.

Read also: Elon Musk Mocks Rival Jeff Bezos Over Space Companies

The billionaire replied to the report, declaring that he doesn’t draw a salary from either SpaceX or Tesla and pays a tax rate of 53% on stock options.

At the time of this report, Elon Musk is worth $234 billion with the majority of his wealth coming from his stake in Tesla valued at $937 billion and SpaceX worth $100 billion.

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