Entrepreneur Elon Musk, the world’s richest man, has revealed on his Twitter account that he will pay more than $11 billion in taxes in 2021 after selling about $14 billion in shares of automaker Tesla this year.
Musk, estimated to be the world’s richest man with $244 billion, revealed in a tweet launched on Sunday night that he will pay “over $11 billion in taxes this year.”
When last week Senator Elizabeth Warren criticized “Times” magazine for choosing Musk as “person of the year,” the entrepreneur replied to the Democratic politician with a tweet: “This year I will pay more taxes than any American in history.”
In early November, Musk polled his 62.5 million Twitter followers on whether he should sell 10% of his stock.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” asked Musk.
The result of the poll conducted by Musk was a majority of “Yes” so the entrepreneur proceeded to sell $14 billion in company stock.
Musk conducted the survey before a series of company stock options he received in 2012 as payment for his CEO position at Tesla expired in August 2022.
In 2020, Musk moved his official residence from Los Angeles, where he had lived for the past 20 years, to Austin, Texas, escaping aggressive Democratic tax policies in that state. The change of residence allowed Musk to significantly reduce the taxes he pays.