Tesla CEO Elon Musk tweeted that his total tax payment this year will exceed $11 billion. Earlier, in response to U.S. Senator Elizabeth Warren’s criticism of his tax issues, he claimed that his tax payments this year “will exceed any American in history.” In January of this year, Musk surpassed Bezos to become the world‘s richest man for the first time. After that, the two people exchanged positions on the rich list many times.
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However, in October, Musk’s SpaceX completed a second share sale, with a valuation exceeding 100 billion U.S. dollars. His personal worth exceeded 200 billion U.S. dollars. After that, as Tesla’s stock price soared, Musk’s worth was once close to 3,000. 100 million U.S. dollars, reaching a height beyond Bezos’s reach.
As Musk’s wealth soared, he also replaced Bezos as the number one target of the US Democratic Party’s “billionaire tax” plan.
According to Forbes estimates, Musk is expected to pay more than $8.2 billion in taxes on the stock he sold in 2021, and the final tax bill may be larger than this. Although he moved from California to Texas in 2020, California, his former tax residence, may tax the options he received while living there. Including state taxes and federal taxes, Musk’s overall tax rate may exceed 50%.
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