Elon Musk, one of the richest men on earth, will also be the man who will have to pay the largest amount of taxes in history, as much as $11 billion, according to what he has announced via Twitter in recent days.
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
Summary
The taxes on Elon MuskÂ
According to estimates made by the CNBC television network, the figure would be even closer to $12 billion than to $11. After the news, the shares of his company Tesla have suffered a sharp decline.Â
Elon Musk, who was named a few days ago as “person of the year” by Time magazine, in November harshly criticized the government’s proposed law that provides for the payment of taxes on capital gains even if the shares have not been sold, which would clearly affect large holders of shares in listed companies, as in his case with Tesla.
On November 6, he had controversially asked his millions of followers on Twitter whether or not he should sell 10% of the Tesla shares he owns as a response to this legislative proposal. After the positive response received by the participants to the survey, Musk would have sold Tesla shares for a counter value of about 14 billion dollars.
In recent days, Musk has harshly disputed with Senator Warren, who invited him to pay more taxes. Â
The Dogecoin community defends Elon Musk
The cryptocurrency community, which considers Musk as a great mentor and influencer, has taken the field to defend the Tesla CEO, who at this time would become the most taxed man in American history.
In particular, the community of followers of the meme coin Dogecoin intervened, which, thanks to Musk’s tweets, has made incredible gains, entering the top ten most capitalized cryptocurrencies.Â
According to the supporters of DOGE, Musk would be kind of persecuted by the U.S. authorities also for his support to cryptocurrencies, which have long been tight and rigid surveillance by U.S. financial authorities.
According to some, however, Musk, like many other ultra millionaires, would have enjoyed favorable laws to pay much fewer taxes than those due, especially after the arrival to the presidency of Donald Trump. Between 2014 and 2018, he would have paid taxes for about $450 million against revenues of $1.52 billion, but his wealth would have grown by more than $13 billion in those years.
