Elon Musk faces tax charge that could reshape the billionaire's financial playbook
The tech mogul is expected to become the world's first trillionaire
Featured Image Credit: Francis Chung/Politico/Bloomberg via Getty Images
Elon Musk has revealed that he expects he will need to pay over $500 billion in taxes during his lifetime.
This comes as the world’s richest man took to his own social media platform to share his thoughts on how much tax he will pay.
The tech mogul, who is currently worth an estimated $852 billion according to Forbes, took to X, formerly Twitter, to write: “I will probably end up paying over $500B in taxes, inclusive of death.”
This was in response to another user who shared a quote from Musk which read: “I am the largest individual taxpayer in history. I’ve paid over $10B in tax. I thought the IRS might send me a little trophy or something.”
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Many people took to the comment section to share their own reactions to Musk’s comment about tax, with one user writing: “Breaking: Billionaire discovers how taxes work.”
Another said: “But i believe that you can afford it, Elon, and you won't even be bothered or affected in any way. I know you can, mate.”
A third person commented: “That means you'll be making trillions, I don't see what your complaining about!”
And a fourth added: “Paying taxes isn’t a punishment, it’s the price of building wealth in a country that protects your businesses.”
Musk previously shared some insight into his net worth, as he is expected to become the world’s first trillionaire in the next few years.
A lot of Musk’s money comes from the value of his businesses including the likes of Tesla and SpaceX and surprisingly, the billionaire lives a fairly modest life - considering his vast wealth - as he is reported to reside in a small home worth just $50,000 in Texas.
So, is Musk actually strapped for cash or is he just frugal with his funds? Well, the entrepreneur has revealed how much money he really has at his disposal.
Taking to X, he wrote a post claiming that he is actually quite cash poor.
He said: “Already have thousands of times over. My ‘net worth’ is almost entirely due to my ownership stakes in Tesla and SpaceX. I have <0.1% that is cash.
“Tesla and SpaceX employees all receive stock/options and Tesla is >80% owned by retail investors and index/pension funds, so value increases apply >80% to them.”
Musk previously posted about his house after he sold his entire property portfolio.
He said: “My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX.”