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Elon Musk tax invoice: ‘I’ll pay over $11 billion in taxes this 12 months’

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Tesla
TSLA,
-3.50%
CEO and SpaceX founder Elon Musk claims he pays billions in taxes this 12 months.

In a Sunday evening tweet despatched to Musk’s over 67 million Twitter
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-0.21%
followers, Musk says his tax invoice for this 12 months will exceed $11 billion.

The announcement comes shortly after a public spat with Sen. Elizabeth Warren over taxes after the Massachusetts Democrat recommended that Musk has been unfairly allowed to not pay taxes. “Let’s change the rigged tax code so The Individual of the Yr will really pay taxes and cease freeloading off everybody else,” Warren wrote on Twitter.

“You remind me of after I was a child and my pal’s indignant Mother would simply randomly yell at everybody for no purpose,” Musk answered again.

Billionaires together with Musk, Amazon’s
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Jeff Bezos, and Berkshire Hathaway’s
BRK.B,
-1.38%
Warren Buffet have averted paying taxes in some years, in line with a latest report from ProPublica.

Over the previous few months, Musk has been promoting giant sums of Tesla inventory, even posing a Twitter ballot to his followers to see whether or not or not he ought to promote extra shares.

Learn on: Tesla’s $1,900 ‘Cyberquad’ EV for teenagers offered out, restocked and offered out once more

Based on filings with the Securities and Trade Fee, Musk has just lately offered almost 13 million shares of Tesla inventory for $13.6 billion — a number of the inventory gross sales have been already put into movement previous to Musk’s Twitter ballot.

It’s been reported that Musk could be going through a tax invoice round $15 billion, which may very well be a part of the rationale he’s promoting Tesla shares. Musk additionally claimed he didn’t have a wage, and due to this fact should promote inventory as a way to pay taxes.

See additionally: These are the large ranges to look at for the S&P 500 and Nasdaq. Count on ‘wild commerce,’ in the event that they break, warns this strategist.

Musk, the world’s richest particular person, has a complete web value of round $266 billion in line with Time, who named him individual of the 12 months in 2021.

The tweet from Musk comes as Tesla is getting ready for a busy 2022 because the EV maker is about to launch new factories and eventually launch its a lot anticipated electrical truck.

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