According to financial filings published on Tuesday, Musk sold 934,090 shares of the company. It's not to finance a McMansion on Mars, but the billionaire is about to pay the biggest tax bill in history.
Theo Wargo.
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Musk is the wealthiest person on the planet. Musk has not previously paid a lot of personal taxes since taxpayers only pay taxes on income or stock once it's sold.
After exercising options to buy over 1.6 million shares of the company at a strike price of $6.24 per share, Musk's holdings in the company increased to over 178 million shares.
The largest individual tax bill in U.S. history is expected to hit Musk, with federal and California income taxes estimated to top $11 billion. He will need to pay the bill before he can get compensation of $23 billion in stock options that are due to expire in August, according to tax experts.
The relationship between Peter Thiel and Elon Musk was strange.
Senator Elizabeth Warren said that the government should change the tax code so that The Person of the Year will actually pay taxes.
