Musk Claims He’ll Pay Over $11B In Taxes This Year

The Verge reports:

Elon Musk expects to pay over $11 billion in taxes in 2021, the Tesla CEO said in a tweet. The figure is roughly in line with a report from CNBC last week, when it estimated that Musk has already paid $7 billion in state and federal taxes this year, and will pay a further $5 billion by January 1st.

CNBC said the figures could represent “the single largest tax bill ever.” Musk doesn’t take a salary or cash bonus in his role as Tesla CEO, and 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.

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Elon Musk says he’ll pay over $11 billion in taxes this year https://t.co/Tn3NuHK0bs pic.twitter.com/G5HVmiPBIg

— The Verge (@verge) December 20, 2021

For those wondering, I will pay over $11 billion in taxes this year

— Elon Musk (@elonmusk) December 20, 2021