Billionaire Elon Musk will pay in 2021 over $11 billion in taxes

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Elon Musk has to pay this year possibly the biggest taxes in U.S. history: over $11 billion. “For those wondering, I will pay over $11 billion in taxes this year,” the Tesla CEO tweeted on Monday. This was in response to remarks from Sen. Elizabeth Warren (D-Mass.), who sparred with the Democratic Senator after she tweeted earlier this month that Musk and other billionaire CEOs aren’t paying their fair share of taxes. Stock options Musk was awarded in 2012 are set to expire in August next year. In order to exercise them, he has to pay income tax on the gain. Earlier this year, ProPublica published an investigation showing Musk and several other billionaires paid no federal income taxes in 2018. Musk is worth over $244 billion on paper, making him the world’s richest man. The majority of Musk’s wealth is tied up in Tesla and his rocket company, SpaceX. Elon Musk is compensated in stock awards and doesn’t accept a cash salary from Tesla. His company Tesla is worth about $1 trillion. On Friday, Tesla shares closed nearly 0.6% higher at $932.57 in the regular session and fell 0.11% in the after-hours session.

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Recently, Musk was named “Person of the Year” by Time Magazine for 2021. Musk was born to a Canadian mother and South African father, and raised in Pretoria, South Africa. Now, Musk is also chairman of the Musk Foundation, which states its purpose is to provide solar-power energy systems in disaster areas as well as other goals. Musk is at the same time a trustee of the X Prize Foundation. In January 2021, he promised to donate $100 million as a prize to whomever developed the best carbon capture technology.