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Elon Musk Announces He Will Pay Over $11 Billion in Taxes This Year

Elon Musk
Elon Musk announced on Twitter that he will be paying over $11bn in taxes this year. Credit: Maurizio Pesce, CC BY 2.0

Elon Musk announced via Twitter on Monday that he will be paying over $11 billion in taxes for 2021.

“For those wondering, I will pay over $11 billion in taxes this year,” Musk wrote. Half a million people have since liked his Tweet.

This statement comes in the midst of a contentious saga surrounding Musk’s taxes, with multiple politicians taking aim at the billionaire as an example of untaxed wealth, the most recent being Senator Elizabeth Warren.

Warren tweeted last week that Musk should stop “freeloading off everyone else,” in reference to what she believed are lax tax standards for the world’s richest man.

Warren’s tweets came after Musk was named TIME Magazine’s Person of the Year for 2021.

The Senator tweeted on Tuesday: “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”

To which Musk initially replied, “Stop projecting!” with a link to an article accusing Warren of lying about having Native American heritage.

“You remind me of when I was a kid and my friend’s angry Mom would just get mad for no reason,” the multi-billionaire added, “Please don’t call the manager on me, Senator Karen.”

Musk, who became the world’s richest person this year, is worth roughly $251 billion. An investigation conducted by ProPublica found that Musk and many other billionaires paid little to no taxes. But all that will change this year, as Musk is gearing up to pay over 11 billion in taxes.

“And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year,” he tweeted at Warren.

Elon Musk named Person of the Year by TIME Magazine

Warren’s tweet was partially criticizing TIME Magazine for naming Musk as their Person of the Year for 2021. TIME made the announcement on Monday, saying that “The richest man in the world does not own a house and has recently been selling off his fortune. He tosses satellites into orbit and harnesses the sun; he drives a car he created that uses no gas and barely needs a driver. With a flick of his finger, the stock market soars or swoons.”

In its encomium on the iconic figure in business today, TIME goes on to state “His startup rocket company, SpaceX, has leapfrogged Boeing and others to own America’s spacefaring future. His car company, Tesla, controls two-thirds of the multibillion-dollar electric-vehicle market it pioneered and is valued at a cool $1 trillion.

“That has made Musk, with a net worth of more than $250 billion, the richest private citizen in history, at least on paper.”

There seems to be no area of technology that Musk shies away from trying to improve upon, with his “Starlink” array of telecommunications satellites now in the skies over Greece.



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