Elon Musk to Pay Almost Half of Nigeria’s 2021 Budget in Taxes to The US Government

Elon Musk to Pay Almost Half of Nigeria’s 2021 Budget in Taxes to The US Government

  • World's richest man, Elon Musk is set to pay a record tax of N14.7 trillion to the United State's Internal Revenue Service
  • Elon Musk sold off 10 per cent of his shares in Tesla, the electric car maker after polling his followers on Twitter who asked him sell the shares off
  • The billionaire said he is going to be the highest tax paying American in history if he goes through with the payment

SpaceX and Tesla founder, Elon Musk is set to pay about N4.5 trillion ($11 billion) in taxes to the U.S. Internal Revenue Service (IRS) which is almost half of Nigeria’s 2021 budget at N14.7 trillion ($35.66 billion).

Musk revealed this in a tweet where he said he will be paying the said amount in 2021 after selling 10 per cent of his shares in Tesla. This may be a record amount paid to the IRS, according to a report by CNBC

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Tesla Founder. Elon Musk
Tesla Founder. Elon Musk Credit: Theo Wargo
Source: UGC

A debt owed

The billionaire businessman may owe more than N4.5 trillion in taxes. Musk exercised almost 15 million options and sold millions of shares to cover taxes related to the transactions which resulted in a high tax levy.

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The Tesla boss polled his followers on Twitter on whether he should sell off 10 per cent of his stake in Tesla, the electric car manufacturer, which has seen a spike in its share price this year.

The South African-born entrepreneur is paying more taxes than any American this year.

This was in an an answer to a statement on Twitter by Senator Elizabeth Warren from Massachusetts, who called must out on his taxes in response to a tweet to his Time Magazine Person of the year award.

Tesla angle to his wealth

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The billionaire's fortunes in heavily dependent on Tesla which is valued at N388.8 trillion as at Friday, December 17, 2021.

After promising last year that he would sell nearly all of his personal property, including six mansions, he owns a 400-square foot rental unit as his primary residence.

World's richest man

Legit.ng had reported that Fox Business News has reported that Elon Musk has reclaimed the top position on the world wealth ranking.

The Tesla and Space X founder had a fortune of $200.4 billion (N82,468,608,000,000) at the time this report was written.

With the new position, Jeff Bezos lost the spot with a fortune of $193.1 billion (N79,464,512,000,000). Others below him are Bernad Arnault, Bill Gates, and Mark Zuckerberg.

Source: Legit.ng

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