World’s richest man Elon Musk says he will pay $15 billion in taxes

Tesla CEO Elon Musk has declared he will pay an eye-watering tax bill this year — more than most people could ever dream of earning.

Elon Musk, the world’s richest person with a fortune estimated at AU$341 billion, says he will pay $11 billion (AU$15 billion) in taxes this year.

“For those wondering, I will pay over $11 billion in taxes this year,” the chief executive of Tesla and SpaceX, tweeted Sunday, without elaborating.

For those wondering, I will pay over $11 billion in taxes this year

— Elon Musk (@elonmusk) December 20, 2021

The declaration follows his spat last week with Sen Elizabeth Warren, who slammed the billionaire for “freeloading” by not paying taxes as she and other US legislators consider changes to the tax code.

The tweak could force Mr Musk and other tech bigwigs to fork over billions of dollars on their unrealised stock gains, the New York Post reports.

“Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else,” Ms Warren tweeted with a link to a story about Mr Musk being named Time Magazine’s 2021 person of the year.

Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else. https://t.co/jqQxL9Run6

— Elizabeth Warren (@SenWarren) December 13, 2021

Ms Warren and other progressive members of Congress have targeted Messrs Musk, Jeff Bezos, Mark Zuckerberg and other tech moguls for a potential wealth tax — ruffling Mr Musk’s feathers.

Elon Musk says he will pay $11 billion (AU$15 billion) in taxes this year. Picture: Theo Wargo/Getty Images

He responded to Ms Warren’s tweet last week by calling her an “angry mum” and “Senator Karen” — sparking MSNBC host Joy Reid to jump into the feud.

“You remind me of when I was a kid and my friend’s angry Mum would just randomly yell at everyone for no reason,” Mr Musk tweeted.

In November, Mr Musk asked his 63 million Twitter followers whether he should sell 10 per cent of his shares in Tesla and proceeded to do so after a majority voted yes.

He has sold off $14 billion of Tesla stock since early November – and likely would have done so without his followers advice because he faces a massive $15 billion tax bill in August 2022 when his 2012 stock options expire.

Mr Musk, 50, doesn’t draw a salary from the electric car company he founded. His fortune comes from stock awards and the gains in Tesla’s share price.

This article originally appeared on The New York Post and was reproduced with permission