Figure for world’s richest person and Tesla CEO could be a record for an individual
Elon Musk, the world’s richest person and the chief executive of the electric car company Tesla, has said he will pay more than $11bn in tax this year – which could be a record amount of annual tax paid by a single person.in 2018 despite sitting on an estimated $243bn , said he would pay the unusually high tax bill this year after the sale of millions of Tesla shares.It comes after Senator Elizabeth Warren last week described Musk as “the world’s richest freeloader”.
. Almost 60% of his 67 million followers voted that he should sell the shares. Taxes on the sales are estimated to come in at between $11bn and $12bn.regardless of the outcome of the vote, as he faced a massive tax bill on share options that were awarded to him in 2012 and set to expire in August 2022. In order to exercise the options, he is required to pay tax on the gain. Tesla shares have risen by more than 20,000% in the past 10 years.
A ProPublica investigation earlier this year found that Musk paid a “true tax rate” of 3.27% between 2014 and 2018, and no federal taxes at all in 2018.
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