Elon Musk pays billions in taxes

Elon Musk pays over $ 11 billion in taxes; that’s the equivalent of around 9.75 billion euros. Musk announced this via Twitter. According to the US IT news magazine The Verge, this would be one of the highest tax payments by a private person in US history. CNBC had previously estimated Musk’s tax payment at around $ 12 billion.

Musk’s tax payments are based on the last stock sales he made. Because Musk even had his Twitter followers vote in November on whether he should sell shares in order to be able to or have to pay taxes on them. They promptly voted for him to sell ten percent of his Tesla shares. Musk did that too. You can read more about this in our announcement: After Twitter voting – Elon Musk sells over 2 million Tesla shares.

However, Musk does not receive a salary for his management positions at Tesla, SpaceX or The Boring Company. As long as he does not sell any shares and thus achieve a taxable price gain, the multi-billionaire does not actually have to pay any taxes.

The Verge points out, however, that observers have found that Musk would have had to pay a hefty tax bill for the stock options that expire in 2022 in any event. And by choosing to exercise the stock options now instead of waiting until August 2022, Musk has been able to avoid the higher tax rates introduced under a Democratic bill.

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