Elon Musk, the billionaire founder of Tesla Inc., says he
will be paying over $ 11 billion for taxes this year.
Musk disclosed this in a tweet on Monday, confirming to the
public his exact tax bills.
“For those wondering, I will pay over $11 billion in taxes
this year,” Musk tweeted.
Due to massive bills on his Tesla stock options, Musk faces
a hefty tax bill from the government — what market analysts said could be the
biggest in US history.
Musk exercised almost 15 million options and sold millions
of shares to cover the taxes related to these transactions, resulting in an
unusually high tax levy.
Last month, Musk sold about $5 billion worth of Tesla’s
shares — just days after he polled Twitter users about selling 10 percent of
his stake.
Additionally, he predicted that the tax rate would rise next
year.
Musk’s fortune is heavily reliant on Tesla — which topped
$937 billion on Friday and SpaceX valued at 100 billion after a funding round
some months ago.
Musk said he does not take a cash salary or bonus, so “the
only way for me to pay taxes personally is to sell stock.”
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