Highlights

  • Musk’s overall wealth has risen by $95 billion only in 2021
  • Elon Musk moved to Texas reportedly to save on taxes

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Elon Musk to create another record - to pay $11 billion in taxes this year

Elon Musk announces on Twitter he would be a paying over $11 billion in taxes due to stock options

Elon Musk is making headlines once again through Twitter. This time it is about how much taxes he is going to pay the US Govt. The world's richest man will pay a whopping $11 billion in taxes as he exercises stock options and pays a levy of over 50% on it.

$11 billion could constitute a record payment to the U.S. Internal Revenue Service as per Bloomberg. Even a $10 billion payment is just a fraction of Musk’s overall wealth which has risen by $95 billion only in 2021.

Musk, who was also named Time's Person of the Year has faced strong criticism for not paying his fair share of taxes in the past. The founds of Tesla recently got into a Twitter spat with the Massachusetts senator Elizabeth Warren who said the tax code was "rigged” and asked to change it “so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”

Musk responded promptly telling the sentor to "open her eyes" and realise he was paying record high taxes.

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