Elon Musk Says He Will Pay Over $11 Billion In Taxes This Year

This year, Elon Musk will be hit with a huge tax bill, potentially the largest in US history.

On Monday, Tesla CEO Elon Musk tweeted, “For those curious, I will pay nearly $11 billion in taxes this year.”

Musk was expected to pay a total of $12 billion in taxes in 2021, according to a CNBC calculation.

Since early November, Musk has sold $14 billion worth of Tesla shares after polling his Twitter followers on whether he should sell 10% of his ownership. That poll had a firm “yes” answer.

On the other hand, Musk is likely to have started selling regardless. That’s because he’ll have to pay a lot of money in taxes on Tesla stock options.

Musk is the world’s richest man, according to Forbes, with a net worth of nearly $244 billion.

Musk could have paid the tax bill in the next year, but that would have put him at risk of increased tax rates under the Democrats’ Build Back Better package.