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.

For those wondering, I will pay over $11 billion in taxes this year

— Elon Musk (@elonmusk) December 20, 2021

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.

trash government: “pay your share”

elon: “ok here is literally more than anyone has ever paid in history”

trash government: “wow what a freeloader, now please everyone in the USA give us more money and we will print 2.5 trillion more from thin air”

— Shibetoshi Nakamoto (@BillyM2k) December 20, 2021

Does anyone think this $11 billion will be better spent by the federal government than it would be by Elon Musk?

— Cernovich (@Cernovich) December 20, 2021

Can we see your tax returns PLEASE? I'd you're wondering...YES it's cause I don't trust you. It's bc I don't trust anyone who openly threatens a coup anywhere he wants. I know Tesla shared it's EV battery patents back in the day. But really need to see your tax return for 2021

— Joseph Naham (@MrDunes) December 20, 2021

What percentage is that of your total income?

— Radish Spirit (@ChamisaColvin) December 20, 2021

I wish I could pay 3.64238% of my net worth in taxes… I’m just a working class guy so unfortunately we pay closer to 37% of our income in taxes. Like the majority of Americans that own a house, rather own a mortgage (debt) on a bank owned house, we have a negative net wealth.

— 👔Dan Whitfield For US Senate 2022 (@DanWhitCongress) December 20, 2021

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.