Elon Musk, the world’s richest man, will pay more than $11 billion in taxes this year
Electric vehicle manufacturer Tesla CEO Elon Musk, the world’s richest person, has stated that he will pay more than $11 billion in taxes this year.
Following Time magazine’s designation of Musk as “person of the year,” Democratic U.S. Senator Elizabeth Warren took to Twitter earlier this week to suggest that Musk pay taxes and stop “freeloading off everyone else.”
Musk retorted, “I will pay more taxes this year than any other American in history.”
Earlier this year, ProPublica published an investigation that revealed Musk and several other billionaires paid no federal income taxes in 2018.
According to ProPublica, between 2014 and 2018, Musk paid $455 million in taxes on $1.52 billion in revenue, despite his fortune increasing by $13.9 billion.
According to Forbes, Musk is the world’s richest man, with a net worth of nearly $244 billion.
Musk is the world’s richest person, and Tesla is worth around $1 trillion.
Musk’s stock options, which he received in 2012, are set to expire the following August. In order to exercise them, he must pay income tax on the gain.
Since early November, Musk has sold $14 billion in Tesla stock after polling his Twitter followers on whether he should sell 10% of his shares.
