World’s richest man and Chief Executive Officer of Tesla, Elon Musk, has revealed in a tweet that he will be paying in excess of $11 billion in taxes this year, an amount that could constitute a record payment to the United States Internal Revenue Service.
The World’s richest man may have to contend with with a tax bill in excess of $10 billion for the year 2021 if he chooses to exercise all his options due to expire next year, according to calculations made by Bloomberg last week,
The unusually high taxes Elon Musk is set to pay is as a result of him exercising ‘almost 15 million options’ and ‘sold millions of shares to cover the taxes related to those transactions’.
The CEO of Tesla earlier this month revealed that he will be paying more tax than any American in history this year. This was in response to a comment made by Massachusetts Senator Elizabeth Warren, who called out the richest man alive on his taxes.