World’s Richest Person, Elon Musk, Shares He’ll Pay R175 Billion in Tax This Year

World’s Richest Person, Elon Musk, Shares He’ll Pay R175 Billion in Tax This Year

  • Elon Musk shared on Twitter this morning that he would be paying more than $11 billion (about R175.49 billion) in taxes this year
  • According to Bloomberg calculations, the Tesla CEO may face a tax bill of more than $10 billion (about R158.45)
  • The exorbitant charge comes after Musk exercised 15 million options and sold millions of shares to cover the taxes related to those transactions

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Chief executive officer of Tesla Inc, Elon Musk, took to his Twitter this morning to confirm that he will be paying more than $11 billion (about R175.49 billion) in taxes this year.

Elon Musk, Tax, Tesla
The world’s richest person, Elon Musk confirmed on Twitter that he'll likely pay close to $11 billion this year. Image: Theo Wargo/Getty Images for TIME
Source: Getty Images

News24 reported that Musk may face a tax bill of more than $10 billion for 2021 if he exercises all his options due to expire next year, calculations last week by Bloomberg News showed.

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It is reported that this is amount that could constitute a record payment to the United States Internal Revenue Service.

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According to Bloomberg, the hefty amount comes after Musk exercised almost 15 million options and sold millions of shares to cover the taxes related to those transactions.

“That was following a Twitter poll last month when he asked followers whether he should sell 10% of his stake in the electric carmaker, whose shares have rocketed more than 2,300% over the past five years,” said Bloomberg.

Social media reacts to Musk’s announcement

@Cernovich asked:

“Does anyone think this $11 billion will be better spent by the federal government than it would be by Elon Musk?”

@PrasoonPratham said:

“I wonder what people will find next to complain about you lol.”

@Dan WhitCongress commented:

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“I wish I could pay 3.64238% of my net worth in taxes… I’m just a working class guy so unfortunately we pay closer to 37% of our income in taxes. Like the majority of Americans that own a house, rather own a mortgage (debt) on a bank owned house, we have a negative net wealth.”

@ChamisaColvin asked:

“What percentage is that of your total income?”

Elon Musk sells R76 billion inTesla shares following viral social media poll

In related news, Briefly News recently reported that South African-born billionaire Elon Musk recently sold $5 billion (R76 618 500 000) worth of Tesla Inc.'s stock following a social media poll asking his 63 million followers if he should sell 10% of his stake in the electric-car company.

The businesses shares dropped by approximately 16% just two days after the poll results were in favour of him selling the 10%, it regained ground mid-week.

The world's richest person's trust also sold about 3.6 million shares in the car company amounting to about $4 billion.

Source: Briefly News

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