Elon Musk Says He Will Pay More Than $ 11 Billion In Taxes In This 2021

The richest man in the world, Elon Musk, has revealed the news through his Twitter account that he will have to pay more than $ 11 billion in taxes in 2021. After he sold around 14,000 million dollars in shares of the car manufacturer Tesla this year.

Elon Musk, the richest man in the world at $ 244 billion, revealed in a tweet that in this year, he will pay more than $ 11 billion in taxes.

Last week, Senator Elizabeth Warren criticized “Time” magazine for choosing Musk as “Person of the year.” The businessman responded to the Democratic policy with a tweet: No other American in previously, Elon Musk will pay taxes more this year.

Recently, Elon Musk asked his 62.5 million followers on Twitter that whether he should sell 10% of his shares or not. 

Musk asked that there has been a lot of talk of unrealized profits as a way to avoid paying taxes, so he proposed to sell 10% of my shares in Tesla. Do you support it?

The result of the Elon Musk survey was a majority of yes. Hence, Musk proceeded to sell 14,000 million dollars in company shares.

Elon Musk analyzed before a series of company stock options that he obtained in 2012 as payment for his position as CEO at Tesla expired in August 2022. Had he waited for 2022, Elon Musk would have to pay a higher tax amount.

According to specialized media, Elon Musk financed his lifestyle with the loans he attains using his shares in Tesla as collateral. That allows him to reduce what he pays in taxes.

This year, the journalistic organization published a report. Elon Musk previously paid $ 455 million in taxes in 2014 and 2018, even though his assets raised $ 13.900 million.

In 2020, Elon Musk changed his official residence from Los Angeles to Austin, Texas. The change of residence allowed Musk to reduce the taxes he paid significantly.

And in October, Elon Musk said he would plan to move his Tesla headquarters from Palo Alto, California, to Austin, Texas. Due to the high cost of living in the Californian town, it justifies the decision.