HomeWorld NewsElon Musk must pay $11 billion in taxes

Elon Musk must pay $11 billion in taxes

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.

The taxes on Elon Musk 

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. 

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.  

Elon Musk taxes
Elon Musk will pay $ 11 billion in taxes

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. 

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.

Vincenzo Cacioppoli
Vincenzo Cacioppoli
Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.