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This article is more than 1 month old.

Elon Musk says he'll 'pay over $11 billion in taxes this year', Twitter demands proof

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While many users praised Musk for giving such a large amount in taxes, others said the taxes only represented a minuscule fraction of his actual net worth.

Elon Musk says he'll 'pay over $11 billion in taxes this year', Twitter demands proof
Tesla boss Elon Musk has announced on Twitter that he would be paying over $11 billion in taxes in the current financial year. Musk is the world’s richest person with a networth of over $243 billion, according to a media report.
"For those wondering, I will pay over $11 billion in taxes this year," tweeted out Musk.
Musk has been selling his Tesla shares in order to meet the tax obligations for his expiring Tesla stock options next year. Musk has earned nearly $14 billion in total from selling the 12.9 million Tesla shares spread over 12 different sales, reported Market Insider.
Twitter users praised Musk for contributing to the economy, while others asked whether the money would be better spent by Musk himself rather than the US Federal government. A few of them even demanded proof of his tax payment and pointed out that the taxes only represented a minuscule fraction of his actual net worth.
Musk was recently named the Time magazine’s Person of the Year, a recognition which later attracted condemnation from US Senator Elizabeth Warren who targeted Musk on Twitter saying the Tesla CEO should pay taxes and stop freeloading from others. Musk retorted by calling Warren Senator Karen.
"Please don't call the manager on me, Senator Karen." In the United States, the word "Karen" is used as a slang to refer to a middle-aged white woman who is angry and entitled.

Senator Warren's claims of Musk paying no taxes can be linked to a report from news organisation Propublica. The report had highlighted that how after gaining access to tax returns from some of America’s wealthiest individuals it was found that Musk had paid no federal income tax in 2018, like many other billionaires in the country.
While Musk has been on a selling spree to pay his taxes, he has also exercised many of the stock options given to him as salary compensation for being the CEO of Tesla. Musk has acquired 17.2 million shares, at a strike price of $6.24 - less than 1 percent of Tesla’s current share prices.
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