Gunjan Nath on December 20, 2021
Elon Musk’s tweets are always sure to create a dent in the global situation. In a recent tweet, the Tesla CEO stated to pay over $11 billion in taxes this year. This will likely get some political bigwigs off his back for a while.
The figure is roughly in line with a report from CNBC last week. The report estimated that Musk has already paid $7 billion in state and federal taxes this year. It further stated that he will pay $5 billion by January 1, 2022.
Musk decided to set a bar for one of the biggest personal payments in US history. He didn’t specify where the tax money will be pulled from, whether it’s his personal cash or Tesla money. Nonetheless, it’s a huge chunk of money.
“For those wondering, I will pay over $11 billion in taxes this year.”
This shouldn’t come as much of a surprise given that he’s reported to be the world’s richest person by quite some margin. Musk’s net wealth is currently estimated to sit at around $243 billion. According to Bloomberg’s Billionaires Index, his net worth is almost $50 billion more than Amazon founder and CEO, Jeff Bezos.
Musk gave this heads up as he and other billionaires are facing increasing scrutiny over the amount of tax they pay. As CNBC explains, Musk doesn’t take a salary or cash bonus in his role as Tesla CEO. Instead is compensated in stock awards. When he needs money, he’s able to borrow it using his stock holdings as collateral, which doesn’t carry the same tax obligations.
What’s your take on this story? Sound off in the comments!
December 20, 2021 11:40 am
Disqus Comments Loading...
Must See Photos
