Tesla CEO Elon Musk announced on Sunday evening he will be paying over $11 billion in taxes this year.
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
The world’s richest person previously shot back at Senator Elizabeth Warren’s criticism of “freeloading off everyone else” in regards to his income tax last week, by saying, “and if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.”
And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year
— Elon Musk (@elonmusk) December 14, 2021
According to Gary Black, managing partner for The Future Fund, he believes Musk has completed selling shares for 2021. “I estimate 2021 taxes paid so far are $11B on [Tesla] options and share sales,” said Black on Sunday.
This implies @elonmusk is done selling shares for 2021. I estimate 2021 taxes paid so far are $11B on $tsla options and share sales.
1/ Options exercise: 17.114M x ($1,047 – $6.24) x 53% = $9.44B
2/ Stock sales: 5.428M x ($1,060 – $5 est) x 23.8% CG = $1.36B
Total $10.8B https://t.co/8QOVXpEg5A pic.twitter.com/65BEnumBZN
— Gary Black (@garyblack00) December 20, 2021
The Tesla CEO has been exercising stock options awarded from 2012 before they are set to expire in 2022, then selling shares to pay for his tax obligations on the rewards.
Musk also addressed a recent video being shared on Chinese social media, which depicted a citizen that seemingly looked just like Tesla and SpaceX CEO, in what was likely a deep fake. “Maybe I’m partly Chinese!”, joked Musk in a response.
Maybe I’m partly Chinese!
— Elon Musk (@elonmusk) December 20, 2021
Musk’s tax payment of over $11 billion is a record amount in taxes paid by anyone in the United States. The CEO has previously criticized the U.S. government’s Build Back Better plan, citing it should be cancelled for the amount of spending set to occur.
🤣
— Elon Musk (@elonmusk) December 20, 2021
