Elon Musk says he’ll pay over $11 billion in taxes this year

TIME Person of the Year
Time Person of the Year 2021, Elon Musk. | Photo by Theo Wargo/Getty Images for TIME

Elon Musk expects to pay over $11 billion in taxes in 2021, the Tesla CEO said in a tweet. The figure is roughly in line with a report from CNBC last week, when it estimated that Musk has already paid $7 billion in state and federal taxes this year, and will pay a further $5 billion by January 1st. CNBC said the figures could represent “the single largest tax bill ever.”

The disclosure comes as Musk and other billionaires are facing increasing scrutiny over the amount of tax they pay. As CNBC explains, Musk doesn’t take a salary or cash bonus in his role as Tesla CEO, and instead is compensated in stock awards. When he needs money, he’s able to borrow it using his stock holdings as collateral, which doesn’t carry the same tax…

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Author: Jon Porter