Manufacturer of electric vehicles Elon Musk, Tesla’s CEO and the world’s richest person, has stated that he will pay more than $11 billion in taxes this year.
After Time magazine named Musk its “person of the year,” Democratic U.S. Senator Elizabeth Warren took to Twitter earlier this week to suggest that Musk should pay taxes and quit “freeloading off everyone else.”
Musk retorted that he “will pay more taxes this year than any American in history.”
ProPublica conducted an investigation earlier this year that revealed Musk and several other billionaires paid no federal income taxes in 2018.
According to ProPublica, Musk paid $455 million in taxes on $1.52 billion in revenue between 2014 and 2018, despite his fortune increasing by $13.9 billion during that time.
Musk is the world’s richest man, according to Forbes, with a net worth of nearly $244 billion.
Musk is the world’s richest individual, and Tesla is valued at approximately $1 trillion.
Musk’s stock options, which he received in 2012, are slated to expire in August of the following year. He must pay income tax on the gain in order to exercise them.
Musk has sold $14 billion in Tesla stock since early November, after polling his Twitter followers on whether he should sell 10% of his shares.
Read more on Tech Gist Africa:
Time magazine has named Elon Musk as its Person of the Year for 2021
Tesla CEO Elon Musk sold $5 billion worth of stock following a Twitter poll
YouTube content creators will be expected to pay Taxes, From June 2021
