Tesla CEO Elon Musk says he will pay more than $ 11 billion in taxes this year

The unusually high drawdown comes after Musk exercised nearly 15 million options and sold millions of shares to cover taxes related to those transactions. This followed a Twitter poll last month when it asked its followers whether it should sell 10% of its stake in the electric automaker, whose shares have soared more than 2,300% in the past five years.

Since the unusual move to ask Twitter users about the plan, Tesla has fallen by nearly a quarter and the company’s market value has fallen below the $ 1,000 billion mark to $ 937 billion. Shares were down 2.7% in pre-market Monday from Friday’s close in New York.

A ProPublica report in June said Musk paid little income tax compared to his inordinate wealth. But he objected to that characterization, saying he does not receive a salary from SpaceX or Tesla and pays an effective tax rate of 53% on the stock options he exercises. He added that he expects the tax rate to increase next year.

Musk said earlier this month he would pay more taxes than any American in history this year. This was in response to another tweet from Massachusetts Senator Elizabeth Warren, who used Musk’s Time magazine “Person of the Year” award. to call him on his taxes.

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