Elon Musk wants everyone to know that he’s facing a massive tax bill this year, possibly the highest an American has ever paid.
“For those wondering, I will pay over $11 billion in taxes this year,” the Tesla CEO tweeted on Sunday.
Yes, you read that right. $11 billion dollars in taxes.
Musk’s statement comes on the heels of him selling off roughly $14 billion in Tesla stock since early November. He offloaded the stock following a Twitter poll asking his followers if he should sell off 10 percent of his stake.
The billionaire probably would have started selling the stocks anyway. Stock options he was awarded in 2012 were set to expire in August of 2022. In order to exercise the options, he would have to pay income tax on the gain.
The richest man in the world, Musk drew criticism from former presidential candidate Elizabeth Warren last week. She retweeted a Boston Globe article covering Musk being named Time’s Person of the Year, saying the “rigged tax code” needs to be changed so the “Person of the Year will actually pay taxes.” She also referred to him as a freeloader.
Musk clapped back with, “And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.” Several outlets reported this to be most likely true.
