Elon Musk says his wealth is not a “deep mystery” and his taxes are “simple”

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Tesla founder Elon Musk will speak at The Boring Company’s unveiling event on December 18, 2018 in Hawthorne, California, on a proposed underground transport network test tunnel across Los Angeles County.

Robin Beck | Pool | Reuters

In response to a political attack on his wealth and taxes, Elon Musk His wealth is “not a deep mystery” and his taxes are so simple that he said he could do them himself “in a few hours”.

In an interview with Baby LombieThe world’s wealthiest man, a conservative satirical site, has his wealth of over $ 245 billion completely transparent and hidden in offshore accounts and special tax means to alleviate his obligations. Said not.

Earlier this month Senator Elizabeth Warren Musk “Free everyone else” Because he didn’t pay federal income tax in 2018.

“I don’t have an offshore account or a tax shelter,” Musk said.When asked H & R block “H & R block could easily pay my tax. I don’t need H & R block, I could do it. It would take hours. My tax is very basic “He replied.

Musk is expected to pay what is likely to be the largest single personal tax bill in US history, with federal and California income taxes estimated to exceed $ 11 billion. He must pay taxes to receive more than $ 23 billion in compensation, or will be paid in the form of stock options that expire in August 2022.

In November, musk is his twitter Follower asks If he should sell 10% of his stock of Tesla.. After his followers voted in favor of the sale Musk said he sold 10%.

“We sold enough stock to reach about 10%, plus optional exercises,” he said in an interview.

According to the latest filings with the Securities and Exchange Commission, Musk still needs to sell at least 3 million shares to reach its 10% target of 17 million shares. He also has nearly 4 million stock options available by August. This suggests that more filings will be made in the future, or that more shares will be sold or exercised within the next few months.

Musk acknowledged that having to pay taxes on the compensation package was “part of the reason” to sell this quarter. He created a planned sales plan for tax-related stocks in September, long before Twitter polls. He said he sold the stock “more” to reach the 10% threshold.

Musk said his large wealth and low taxes are both the product of simple mathematics. His wealth comes from the ownership of Tesla and SpaceX, which he said was “extremely painful and difficult to build.”

He has not received salary or cash bonuses and has not sold a large number of shares in the company until this year. Musk said he did not pay a large amount of tax each year, as taxpayers only pay taxes on the income and stocks sold.

“It’s important to understand, what is this wealth?” Musk said. “I don’t have a lot of cash balance. I have very little cash balance, at least until I sell the stock … it was this quarter that I sold the stock in a really meaningful way.”

He said the year he didn’t pay taxes (2018) was due to “accidentally” overpaying in 2017 and having 2018 credits. Needed in his optional practice.

“I said,’Should I sell it?’ What should I do? Send the stock to the government? There is no mechanism to actually pay the tax if you don’t sell the stock, so” Should I sell 10% to pay the tax? ” said. When I asked him on Twitter, he said so after all. “

He said that even today, his property is almost completely tied to Tesla and SpaceX. “If Tesla goes bankrupt, I’ll go bankrupt soon.”

Elon Musk says his wealth is not a “deep mystery” and his taxes are “simple”

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