Amanze Chinonye
Billionaire entrepreneur Elon Musk has said he expects to pay more than $500 billion in taxes over his lifetime, including estate taxes, as his personal fortune surges to new highs following a major corporate restructuring.
In a post on X, the social media platform he owns, Musk wrote that he would “probably end up paying over $500B in taxes, inclusive of death.” The remark came in response to a video in which he jokingly described himself as the “largest individual taxpayer in history.”
“I’m the largest individual taxpayer in history. I paid over $10 billion in tax. I thought maybe the IRS would send me like a little trophy or something,” Musk said in the clip, drawing laughter from the audience. He added that even a modest token of recognition would have sufficed, but “I didn’t get anything.”
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Musk’s comments follow a dramatic increase in his estimated net worth, which reportedly reached $852 billion this month. The jump came after a merger between his rocket company, SpaceX, and his artificial intelligence firm, xAI.
The transaction created a combined entity valued at approximately $1.25 trillion. As part of the restructuring, Musk secured a 43% stake in the new company, valued at roughly $542 billion.
Earlier in the month, his wealth reportedly rose by $84 billion in a single day following news of the deal, underscoring the scale of his equity holdings and the market impact of corporate developments tied to his ventures.
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Tesla Holdings and Future Compensation
In addition to his interests in SpaceX and xAI, Musk remains a major shareholder in Tesla, Inc.. He owns about 12% of the electric vehicle maker, a stake valued at approximately $178 billion, along with stock options estimated at $124 billion.
Tesla shareholders have also approved what has been described as a long-term “Mars shot” compensation package. If the company achieves ambitious growth targets over the next decade, Musk could receive stock awards potentially worth up to $1 trillion, raising the prospect of him becoming the world’s first trillionaire.
Tax Record and Verification
Musk previously disclosed that he paid around $11 billion in federal income taxes in 2021 after exercising stock options and selling Tesla shares a payment widely reported at the time as likely among the largest single-year tax bills ever incurred by an individual in the United States.
However, there is no public confirmation from the Internal Revenue Service verifying Musk’s claim that he is the “largest individual taxpayer in history.” U.S. tax records are confidential, and comparisons across different historical periods are complicated by changes in tax law, inflation and varying disclosure standards.
His projection of a $500 billion lifetime tax bill appears to be a forward-looking estimate based on anticipated stock sales, compensation payouts and potential estate taxes. The eventual figure would depend on future company valuations, asset dispositions and the prevailing tax framework over the coming decades.
For now, Musk’s remarks add fresh fuel to ongoing debates over billionaire wealth, executive compensation and the structure of taxation in the United States.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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