By Laura Sánchez
Investing.com – “For those of you wondering, I will pay more than $ 11 billion in taxes this year.”
This is how the CEO of Tesla (NASDAQ 🙂 announced his tax bill. And it does so at a time when it has gradually announced different share purchase and sale operations in the electric vehicle manufacturer.
Musk has sold $ 14 billion worth of Tesla shares since the beginning of November, after asking his followers in a Twitter (NYSE 🙂 poll whether he should sell 10% of his shares and that nearly 58% of his followers answered yes.
Musk’s stock options since 2012 will expire next August 2022. To exercise them, he must pay income taxes.
Rather than receiving a salary or a cash bonus, Musk’s wealth comes from the allotment of shares and gains on Tesla’s share price.
Although Tesla shares have fallen since Musk’s Twitter poll, they are still incredibly valuable – shares are up 28% so far this year.
“When Musk wants cash, he can simply borrow money using his company stock as collateral. However, this practice has been criticized by some politicians as a tax loophole for the mega-rich ”, publishes CNBC.
Between 2014 and 2018, Musk paid $ 455 million in taxes on 1.52 billion of income, according to ProPublica, even though his wealth grew by $ 13.9 billion during that period.
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Elon Musk Reveals His Tax Bill On Twitter: $ 11 Billion By Investing.com