Elon Musk says he'll pay over $11 billion in taxes this year

The Tesla and SpaceX CEO -- and richest person in the world -- disclosed the amount on Twitter without providing additional detail.

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Alexandra is an associate editor on CNET's Performance Optimization team. She graduated from Marymount Manhattan College in New York City, and interned with CNET's Tech and News teams while in school. Prior to joining CNET full time, Alexandra was a breaking news fellow at Newsweek, where she covered current events and politics.
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Elon Musk

Elon Musk at a press event on the grounds of the Tesla Gigafactory outside Berlin in August. 

Patrick Pleul/picture alliance via Getty Images

Billionaire Tesla and SpaceX CEO Elon Musk said he expects to pay more than $11 billion in taxes for 2021. Musk tweeted the amount Sunday without providing any additional information or details about his accounting. 

"For those wondering, I will pay over $11 billion in taxes this year," Musk tweeted.

Musk has a net worth of $243 billion, making him the wealthiest person in the world, according to the Bloomberg Billionaires Index, and instead of taking a salary, he is compensated in stock awards from Tesla. CNBC estimates he should pay a total of $12 billion in taxes in 2021. 

The billionaire sold over 2 million shares of Tesla stock in November after he asked his Twitter following whether he should sell stock in order to pay his taxes. Approximately 58% of the 3.5 million people who participated in the poll voted that he should sell 10% of his stock in the electric car company.

Musk and other tech CEOs have faced criticism for the amount they pay in taxes each year. Investigative site ProPublica reported in June that Musk and others have grown their wealth into the high billions while paying little in federal taxes. This is said to be due to how they structure their income. The activity wasn't against the law, said ProPublica, but tax records indicate how the uber-wealthy minimize taxes by taking out loans or using their stock holdings as collateral.

Last week, Tesla and SpaceX drew negative attention on other matters as well. The companies, both owned by Musk, have faced sexual harassment claims. Six women accused Tesla of "rampant" sexual harassment at its Fremont, California, factory, while a former SpaceX engineer says the space company fosters a culture of misogyny and abuse.