Elon Musk Will Pay An Estimated $11 Billion In Taxes

Elon Musk, one of the wealthiest persons on the planet, will also have to pay the highest taxes in history. According to what he just declared on Twitter, it will not be a small amount – musk will have to send up to 11 billion dollars to the Treasury Department.

According to estimations from the CNBC television network, this number would be much closer to $12 billion than it would be to the $11 billion figure stated above. Following the publication of the tweet, Tesla’s stock price dropped dramatically.

Elon Musk, who was just awarded “Person of the Year” by Time magazine, slammed the government’s planned law in November. It stipulated that capital gains taxes be paid even if the shares were not sold. This regulation would affect significant shareholders of publicly traded firms, such as Tesla.

On November 6, he polled millions of his Twitter followers to determine if he should sell 10% of his company’s stock. Musk would sell around $14 billion worth of shares if poll respondents replied affirmatively.

Recently, the CEO also engaged in a heated discussion with Senator Warren, who urged him to increase his tax payments.

Musk is being defended by the Bitcoin community, which recognizes him as a tremendous mentor and influencer—especially a group of Dogecoin enthusiasts who made huge profits this year owing to Musk’s tweets.

Doge enthusiasts believe that Musk would be penalized by American authorities in some way for backing cryptocurrencies, which have long been under the strict and severe control of American financial regulators.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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