Musk says his tax bill will be over $11 billion.
There was speculation over how much he would be paying following his spat with Elizabeth Warren.
On December 20, 2021, Elon Musk wrote ".
According to Insider, Musk could owe $12 billion in taxes this year. This is based on taxes on Musk's stock, as well as what he owes the state of California in state tax.
Last week, Musk claimed that he will pay more taxes than any American in history this year, in response to Elizabeth Warren's claim that he was freeloading off everyone else.
Elizabeth Warren is on December 13, 2021.
Musk must pay tax on the difference between the fair market value of the shares and the exercise price if he exercises a large number of them this year. He sold a lot of shares to meet the tax obligation.
The billionaire's tax bill this year comes after years of paying very little compared to his wealth. Even though his wealth grew, he paid over $450 million in taxes over the course of four years. He did not pay federal income taxes.
Musk is the world's richest man with a net worth of $243 billion.
