India  

Elon Musk Claims He'll Pay $11 Billion in Taxes For 2021

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Elon Musk Claims He'll Pay $11 Billion in Taxes For 2021

Elon Musk Claims He'll Pay $11 Billion in Taxes For 2021

Elon Musk Claims He'll Pay , $11 Billion in Taxes For 2021.

The billionaire entrepreneur made the announcement via Twitter on Dec.

19.

For those wondering, I will pay over $11 billion in taxes this year, Elon Musk, via Twitter.

If confirmed, CNBC reports that the sum amounts to "the single largest tax bill ever.”.

Musk and other billionaire business owners have faced increased scrutiny in recent years ... ... over the ways in which they are able to avoid large tax bills.

One way that Musk has been able to avoid paying similar tax amounts in the past ... ... is due to the ways in which he receives income through his role as Tesla CEO.

Musk receives no salary or bonuses as the head of the company.

Instead, he is awarded company stocks which he can also leverage to borrow money.

This system of payment means Musk is not taxed in the same ways he would be if he received a standard salary and cash bonuses.

Under the Biden administration's Build Back Better bill, Musk would be obligated to pay even more in taxes.

By selling off his a certain percentage of his stocks before the potential passage of the bill, Musk is avoiding a higher tax bill.

Musk made the decision to sell off billions of dollars of Tesla stock after conducting a Twitter poll in November.

According to Pro Publica, Musk paid no taxes in 2018 and $455 million in taxes over the course of the prior four years


You Might Like


💡 newsR Knowledge: Other News Mentions

Elon Musk Elon Musk Business magnate (born 1971)

Elon Musk Faces SEC Investigation and Lawsuit by Twitter Investors for Delayed Disclosure [Video]

Elon Musk Faces SEC Investigation and Lawsuit by Twitter Investors for Delayed Disclosure

Elon Musk Faces SEC Investigation , and Lawsuit by Twitter Investors , for Delayed Disclosure. On May 25, Twitter investors filed a lawsuit against Elon Musk for delaying the disclosure of his stake in the company. On May 25, Twitter investors filed a lawsuit against Elon Musk for delaying the disclosure of his stake in the company. 'The Guardian' reports that investors claim Musk saved himself $156 million by not disclosing that he had already purchased over 5% of Twitter by March 14. 'The Guardian' reports that investors claim Musk saved himself $156 million by not disclosing that he had already purchased over 5% of Twitter by March 14. By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price, William Heresniak, Twitter investor, via 'The Guardian'. According to investors, the recent drop in Tesla stock puts Musk's bid to purchase Twitter in "major peril.". According to investors, the recent drop in Tesla stock puts Musk's bid to purchase Twitter in "major peril.". On May 26, Tesla shares were trading at around $700. . In April, those stocks were above $1,000. Earlier this month, the U.S. Securities and Exchange Commission (SEC) opened an investigation into the timing of Musk's disclosure of his stake. Earlier this month, the U.S. Securities and Exchange Commission (SEC) opened an investigation into the timing of Musk's disclosure of his stake. Investors are reportedly seeking to be awarded an unspecified amount of punitive and compensatory damages. Investors are reportedly seeking to be awarded an unspecified amount of punitive and compensatory damages. On May 25, Musk pledged an additional $6.25 billion to finance his bid to purchase Twitter. On May 25, Musk pledged an additional $6.25 billion to finance his bid to purchase Twitter. 'The Guardian' reports that the additional financing signals that the deal may be progressing. Musk had already offered $44 billion for his takeover of the social media platform. Musk had already offered $44 billion for his takeover of the social media platform

Credit: Wibbitz Top Stories    Duration: 01:31Published

Elon Musk sued by Twitter investors over takeover offer

Twitter shareholders are suing Elon Musk, accusing him of acting illegally in the way he has handled his takeover bid.
Sky News
Twitter shareholder sues Elon Musk for alleged Twitter’s stock price manipulation | Oneindia News [Video]

Twitter shareholder sues Elon Musk for alleged Twitter’s stock price manipulation | Oneindia News

Elon Musk faces a lawsuit accusing him of pushing down Twitter's stock price in order to either get out of his $44 billion buyout bid, or room to negotiate a discount. #ElonMusk #Lawsuit #Twitter

Credit: Oneindia    Duration: 01:39Published
Jack Dorsey steps down from Twitter board amid Elon Musk's $44B acquisition deal | Oneindia News [Video]

Jack Dorsey steps down from Twitter board amid Elon Musk's $44B acquisition deal | Oneindia News

Former Twitter CEO Jack Dorsey has stepped down from the Twitter board. Dorsey resigned as the Twitter CEO in November 2021. #JackDorsey #Twitter #ParagAgrawal #ElonMusk

Credit: Oneindia    Duration: 01:26Published
Musk lashes out at the theory that having fewer kids will help the environment | OneIndia News [Video]

Musk lashes out at the theory that having fewer kids will help the environment | OneIndia News

Elon Musk has once again managed to grab the headlines, this time because of his response to the claim that having fewer kids is good for the environment. He has called the theory a 'total nonsense' and argued that having kids is necessary to save the civilization. #ElonMusk #Population #BirthControl

Credit: Oneindia    Duration: 01:34Published

Tesla, Inc. Tesla, Inc. American automotive and energy company

Air hostess who accused Musk of sexual- misconduct paid $2,50,000 by SpaceX: report | Oneindia News [Video]

Air hostess who accused Musk of sexual- misconduct paid $2,50,000 by SpaceX: report | Oneindia News

A flight attendant who accused SpaceX and Tesla CEO Elon Musk of sexual-ly harassing her on a flight in 2016, was reportedly paid $2,50,000 to remain silent on the matter. #ElonMusk #JoeBiden #DonaldTrump

Credit: Oneindia    Duration: 01:45Published
Elon Musk Says He 'Will Vote Republican,' Can 'No Longer Support' Democrats [Video]

Elon Musk Says He 'Will Vote Republican,' Can 'No Longer Support' Democrats

Elon Musk Says He 'Will Vote Republican,' , Can 'No Longer Support' Democrats. Musk made the statements via Twitter on May 18. In the past I voted Democrat, because they were (mostly) the kindness party. , Elon Musk, via Twitter. But they have become the party of division & hate, so I can no longer support them and will vote Republican, Elon Musk, via Twitter. Now, watch their dirty tricks campaign against me unfold, Elon Musk, via Twitter. Tesla stocks fell by nearly seven percent after the statements were published. Musk's tweets come about a week after he stated he would reverse Twitter's ban of former President Donald Trump if his deal to purchase the platform is finalized. The billionaire has also criticized Twitter for being biased to the "far-left.". The headquarters for the company is based in CA, a state that is often considered a model for progressive politics in the U.S. CA is also the largest market for Tesla cars. Musk recently moved the Tesla headquarters to TX, which is known for its conservative politics. . Many Twitter users seemed to mock the news that Musk would vote Republican. Poor Elon might only be the 2nd or 3rd richest man in the world now, Twitter user. Poor Elon. No liberals are going to buy his cars anymore, when there's so many nicer options, Twitter user. The Tesla CEO's mother hit back at the tweets, referring to them as "nasty comments" and "troll or bot" accounts. Musk's $44 billion deal to purchase Twitter has stalled in recent days

Credit: Wibbitz Top Stories    Duration: 01:30Published
Elon Musk may seek lower price for Twitter after claiming fake accounts make up 20% of users [Video]

Elon Musk may seek lower price for Twitter after claiming fake accounts make up 20% of users

The billionaire Tesla and SpaceX founder has put his $44 billion (€42.05 billion) deal to buy Twitter on hold over the issue of fake accounts.

Credit: euronews (in English)    Duration: 01:23Published
Elon Musk's Twitter Deal Is 'Temporarily on Hold' [Video]

Elon Musk's Twitter Deal Is 'Temporarily on Hold'

Elon Musk's Twitter Deal, Is 'Temporarily On Hold'. The billionaire tweeted on May 13 that his deal to purchase Twitter was "on hold" due to an assessment of how many fake and spam accounts are active on the platform. Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users, Elon Musk, via Twitter. Musk's $44 billion deal to purchase the social media platform has continued to make headlines since it was announced. His tweet on May 13 seemed to indicate that he remains skeptical about the reported number of bot accounts on Twitter. He included a link to a Reuters article from May 2 which reports on Twitter's self-assessment of the platform. . The company estimates that less than five percent of its 229 million users are comprised of fake accounts. However, by its own assessment, the company acknowledges the estimate is likely inaccurate. In making this determination, we applied significant judgment, , Twitter Filing, via AP . ... so our estimation of false or spam accounts may not accurately represent the actual number of such accounts, , Twitter Filing, via AP . ... and the actual number of false or spam accounts could be higher than we have estimated, Twitter Filing, via AP . Musk has been outspoken about the issue of spam accounts on the platform. Subsequent tweets from the Tesla CEO stated that he is "still committed to the acquisition.". In response to the news, Twitter stocks fell almost six percent on May 13 before the market opened. Tesla stocks rose almost seven percent. Analysts called Musk's tweet "bizarre" and say it could be an indication that the deal may fall through. Many will view this as Musk using this Twitter filing/spam accounts as a way to get out of this deal in a vastly changing market, Dan Ives, Wedbush Analyst, via AP

Credit: Wibbitz Top Stories    Duration: 01:31Published
Elon Musk says his Twitter takeover bid is now on hold pending details on fake accounts [Video]

Elon Musk says his Twitter takeover bid is now on hold pending details on fake accounts

Tesla boss Elon Musk tweeted that his plans to buy the social media platform were on pause over reports about the number of bots and fake accounts.

Credit: euronews (in English)    Duration: 00:48Published

CNBC CNBC American television business news channel

Great Resignation Continues As 1 in 5 Say They Plan To Change Jobs This Year [Video]

Great Resignation Continues As 1 in 5 Say They Plan To Change Jobs This Year

Great Resignation Continues , As 1 in 5 Say They Plan, To Change Jobs This Year. CNBC reports a recent survey may indicate the Great Resignation isn't stopping soon. The survey by PwC found that 1 in 5 workers from 44 different countries intends to switch jobs in the next year. Experts say better wages and the search for more fulfilling careers have driven workers to switch jobs. 35% of those surveyed say they plan to ask their employers for higher wages this year. The findings are very clear... you see a significant number of employees concerned about their future employment and their job security. , Bob Moritz, global chairman of PwC, at World Economic Forum in Davos, via CNBC. 71% of respondents said a wage increase would drive them to change employers. 69% said a more fulfilling career would also prompt a change of employers. Rewarding [work] has to get defined in new and different ways. , Bob Moritz, global chairman of PwC, at World Economic Forum in Davos, via CNBC. 66% of those surveyed said they want a workplace that allows them to be themselves. The role of employers isn’t to tell workers what to think, but to give them a voice, choice, , Bhushan Sethi, co-leader of PwC's global people and organization services, via CNBC. ... and safe environment to share feelings, listen and learn about how these issues are impacting their colleagues. , Bhushan Sethi, co-leader of PwC's global people and organization services, via CNBC

Credit: Wibbitz Top Stories    Duration: 01:30Published
S&P 500 Falls Into Bear Market Territory From January High [Video]

S&P 500 Falls Into Bear Market Territory From January High

S&P 500 Falls Into Bear Market Territory , From January High. The term "bear market" refers to a value loss of 20 percent or more from the most recent high. On May 20, after the index fell below 3,837, the S&P 500 was trending to close at just over 20 percent down from the bull market high on Jan. 3. The reality is the market is likely to remain under pressure until peak inflation has been priced in, Fiona Cincotta, Forex.com, via 'The New York Times'. We aren’t there yet, Fiona Cincotta, Forex.com, via 'The New York Times'. Analysts pointed to traders' fears in regard to the general outlook for what's ahead. For the majority of the bull market since the March 2020 low, investors have had reasons to buy the dips, Kevin Gordon, Charles Schwab, via CNN. Given this slowdown is looking more 'natural' and protracted, there is a heightened degree of fear and not knowing where to hide, Kevin Gordon, Charles Schwab, via CNN. Other analysts pointed out that recession fears, while understandable, may be premature. In the last three bear markets, where there was no recession, the decline was 21.3% and we’re basically there, Julian Emanuel, Evercore ISI, via CNBC. During the past three bear markets when there was a recession, on average the market had fallen more than 45 percent. Despite this, analysts were hard-pressed to see a silver lining to the day's developments. Any positivity is being sold in a very heavy and high-volume fashion, and that's very concerning, Keith Buchanan, Globalt Investments, via Reuters. It feels like it's fear driven, Keith Buchanan, Globalt Investments, via Reuters

Credit: Wibbitz Top Stories    Duration: 01:31Published
Russia To Shut Off Gas to Finland on May 21 [Video]

Russia To Shut Off Gas to Finland on May 21

Russia To Shut Off Gas to Finland , on May 21. On May 20, just days after Finland officially applied to join NATO. On May 20, just days after Finland officially applied to join NATO. Gasum, the country's state-owned gas wholesaler, issued a statement that Russian natural gas imports will be halted. On the afternoon of Friday, May 20, Gazprom Export informed Gasum that natural gas supplies to Finland under Gasum’s supply contract will be cut on Saturday, May 21, 2022 at 07.00, Gasum, via statement, as reported by CNBC. Gasum CEO Mika Wiljanen also issued a statement informing the people of Finland that they were prepared for this to happen... ... and provided that there will be no disruptions in the gas transmission network, we will be able to supply all our customers with gas in the coming months, Mika Wiljanen, Gasum CEO, via statement, as reported by CNBC. Gasum will supply natural gas to its customers from other sources through the Balticconnector pipeline. Gasum’s gas filling stations in the gas network area will continue in normal operation, Mika Wiljanen, Gasum CEO, via statement, as reported by CNBC. CNBC reports Finland previously refused to pay in rubles for the Russian gas. A reason for the gas shutoff has not been given. but CNBC reports it may have been a retaliatory move by Russia since Finland refused to pay in rubles and applied to join NATO. but CNBC reports it may have been a retaliatory move by Russia since Finland refused to pay in rubles and applied to join NATO

Credit: Wibbitz Top Stories    Duration: 01:30Published
US Soccer Agrees to Equal Pay Deal for Men’s and Women’s Teams [Video]

US Soccer Agrees to Equal Pay Deal for Men’s and Women’s Teams

US Soccer Agrees to Equal Pay Deal , for Men’s and Women’s Teams. CNBC reports that on May 18, the U.S. women's national soccer team (USWNT) reached an equal pay deal with the U.S. Soccer Federation (USSF) after years of battling the gender wage gap. CNBC reports that on May 18, the U.S. women's national soccer team (USWNT) reached an equal pay deal with the U.S. Soccer Federation (USSF) after years of battling the gender wage gap. U.S. Soccer President Cindy Parlow Cone said, "This is a truly historic moment.". These agreements have changed the game forever here in the United States and have the potential to change the game around the world, Cindy Parlow, U.S. Soccer President, via statement. According to an official announcement, U.S. Soccer is set to become “the first Federation in the world to equalize FIFA World Cup prize money.”. The agreements, which are good through 2028, also guarantee that men and women are paid the same appearance fees and game bonuses. They will also be paid an equal portion of what U.S. Soccer makes from its sponsorship deals and other revenue. Additional benefits will include child care, parental leave, equal access to quality venues and playing surfaces and more. . In 2016, Becky Sauerbrunn, Hope Solo, Carli Lloyd, Alex Morgan and Megan Rapinoe went to the Equal Employment Opportunity Commission with a discrimination complaint. In 2016, Becky Sauerbrunn, Hope Solo, Carli Lloyd, Alex Morgan and Megan Rapinoe went to the Equal Employment Opportunity Commission with a discrimination complaint. In 2016, Becky Sauerbrunn, Hope Solo, Carli Lloyd, Alex Morgan and Megan Rapinoe went to the Equal Employment Opportunity Commission with a discrimination complaint. In 2016, Becky Sauerbrunn, Hope Solo, Carli Lloyd, Alex Morgan and Megan Rapinoe went to the Equal Employment Opportunity Commission with a discrimination complaint. In 2016, Becky Sauerbrunn, Hope Solo, Carli Lloyd, Alex Morgan and Megan Rapinoe went to the Equal Employment Opportunity Commission with a discrimination complaint. In 2019, 28 USWNT members filed a lawsuit against the USSF. The $24 million settlement agreed upon by the USWNT and USSF earlier this year was contingent on establishing a new collective bargaining agreement between the two entities. In an interview with 'Today,' Sauerbrunn said, "I am feeling extreme pride.". To be able to say finally, equal pay for equal work feels very, very good, Becky Sauerbrunn, on 'Today'

Credit: Wibbitz Top Stories    Duration: 01:31Published
White House Hits Back at Inflation Criticism From Jeff Bezos [Video]

White House Hits Back at Inflation Criticism From Jeff Bezos

White House Hits Back at , Inflation Criticism From Jeff Bezos. White House Hits Back at , Inflation Criticism From Jeff Bezos. President Joe Biden and the billionaire founder of Amazon have been sparring on Twitter since May 13. . You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share, President Joe Biden, via Twitter. Biden's tweet seemed aimed at Amazon. Bezos' reaction via Twitter is notable because it refers to the Biden administration's approach to rising inflation as a "misdirection.". Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. , Jeff Bezos, via Twitter. Mushing them together is just misdirection, Jeff Bezos, via Twitter. Bezos has also criticized the president's Build Back Better plan, the passage of which Bezos claims has stoked inflation. Part of the Build Back Better legislation includes increasing taxes for the wealthiest Americans and corporations. Bezos suggested that Build Back Better has been detrimental to the poorest Americans who are usually hit hardest by inflation. White House spokesman Andrew Bates responded to Bezos' suggestion. It’s [...] unsurprising that this tweet comes after the president met with labor organizers, including Amazon employees, Andrew Bates, White House Spokesperson, via CNBC. Bezos accused Bates of attempting to "muddy the topic.". They know inflation hurts the neediest the most. But unions aren’t causing inflation and neither are wealthy people, Jeff Bezos, via Twitter. Biden has openly supported workers' rights to unionize, specifically at Amazon. The choice to join a union belongs to workers alone. By the way, Amazon, here we come, President Joe Biden, via CNBC. The Twitter squabble is the first time Biden and Bezos have publicly squared off

Credit: Wibbitz Top Stories    Duration: 01:31Published

Related videos from verified sources

A History of Elon Musk's Twitter Feud With Democrats on Capitol Hill [Video]

A History of Elon Musk's Twitter Feud With Democrats on Capitol Hill

Elon Musk has been quick to jump into several Twitter feuds with outspoken politicians, especially when it comes to tax policy.

Credit: The Street     Duration: 01:48Published