Elon Musk to Pay $ 11 Billion in Tax Bill from Money Raised by Selling Tesla Stock, Trending News

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Tesla CEO Elon Musk is going to pay an estimated $ 11 billion federal tax bill on the money he raised after selling his company’s $ 15.4 billion worth of shares.

Not only that, Musk is supposed to pay an additional $ 2 billion in income taxes to the state of California, where Tesla was based for the majority of last year.

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He will invest the remaining money in his company SpaceX. Starlink, a division of the company, operates a constellation of nearly 2,000 satellites which aims to provide Internet access to most areas of the Earth.

SpaceX is a private US company, independent of the US military and civilian space agency NASA.

Musk, who is the richest person in the world, had asked Twitter users about getting rid of 10% of his stake in the electric car maker.

Read also | Tesla CEO Elon Musk believes it is the ‘greatest threat’ to modern civilization

His tweet followed a proposal by Democrats in the US Congress to tax the super rich more heavily by targeting stocks, which are typically only taxed when sold.

According to the latest documents filed with the Securities and Exchange Commission, Musk still owns around 167 million Tesla shares.

Last year in October, Musk’s electric car company valuation soared above $ 1 trillion, and SpaceX partnered with U.S. space agency NASA to launch various missions, including a attempt to protect the Earth from an asteroid.

The brash 50-year-old South African has seen his wealth skyrocket during the pandemic to more than $ 250 billion, according to Forbes’ real-time billionaire list.

(With contributions from agencies)


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