August 8, 2022

Blog @ Munaf Sheikh

Latest news from tech-feeds around the world.

Futurism: Elon Musk Brags That He’s Paying More Taxes Than Anyone Else in History


Tesla CEO Elon Musk is finally paying his taxes this year — and he wants to be celebrated for his generosity!

“For those wondering, I will pay over $11 billion in taxes this year,” Musk tweeted late Sunday night, in an apparent bid for a pat on the back for doing something most other Americans do every year.

That amount may sound like a lot, but it still represents a tiny fraction of Musk’s substantial net worth. In fact, Musk has made almost $13 billion this fall just by selling Tesla stock.

Critics say that Musk paying his fair share in taxes should be expected, not applauded, especially considering the amount of money his businesses have received from taxpayers over the years.

The news comes after Musk and senator Elizabeth Warren (D-MA) had an exchange on Twitter that got ugly. Last week, Warren accused Musk of abusing a “rigged tax code” and “freeloading off everyone else.”

Unsurprisingly, Musk didn’t take kindly to the accusations, despite the fact that Musk has more or less been doing just that for years.

“And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year,” Musk whined in response. “Don’t spend it all at once… oh wait you did already,” he added.

Investors weren’t impressed with the spat. Musk was even hit with a lawsuit over the weekend, arguing that his reckless tweets violated a 2019 agreement with securities regulators.

Musk has clearly struggled coming to terms with the fact that Americans have to pay taxes every year. He has repeatedly voiced his discontent with the mere concept of taxation. In his eyes, governments are terrible at spending money while businesses have a much better idea of where to allocate funds.

“Who is best at capital allocation — government or entrepreneurs — is indeed what it comes down to,” he argued in a tweet last month.

Now, though, Musk may be realizing that perhaps it’s better to pay his bill after all — or at least, the Twitter poll he launched last month may have given him the idea.

Besides, $11 billion is still chump change for the richest man in the world.

READ MORE: Elon Musk Says He Will Pay More Than $11 Billion in Taxes This Year [The Wall Street Journal]

More on the saga: TESLA SUED OVER ELON MUSK’S FEUD WITH ELIZABETH WARREN

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