Musk: I will pay more than 11 billion in taxes this year.

“For those wondering, I will be paying more than $11 billion in taxes this year.”
Tesla CEO Elon Musk tweeted, thus re-interfering on a topic, tax rates, that has recently stunned him, leading him to clash with Democratic Senator Elizabeth Warren, champion of increasing the tax burden on the so-called “hackers” of the economy with stars and stripes. The billionaire could actually find himself a tax account of more than $10 billion if he exercises all of his options due next year, according to calculations by Bloomberg News.

Musk exercised nearly 15 million options and sold millions of Tesla shares to cover taxes related to these transactions. All on the heels of a poll also conducted on Twitter in November, when he asked his followers if he should sell his 10% stake in the green carmaker, whose shares have risen more than 2,300% in the past five years.

A ProPublica report in June revealed that Musk paid little income taxes compared to his vast fortune. But he denied the accusation, claiming that he does not get paid by SpaceX or Tesla and already pays an effective tax rate of 53% on the stock options he exercises. He added that he expects the tax rate to rise next year. Musk, Time magazine’s Person of the Year earlier this month, said he will pay more taxes by 2021 than any American in history, again in response to another tweet from Massachusetts Senator Elizabeth Warren.

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Thelma Binder

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