Elon Musk is due to end 2021 with one of the largest tax bills in history
The Tesla CEO exercised options to buy another 1.6 million shares, and sold 934,090 of those shares for $1 billion to cover the tax bite he'll be facing on that purchase.The trades completed the exercise of the 22.9 million options he held that were due to expire in August. He sold off 10.3 million of the shares he acquired thoughout the process to cover his tax withholding requirements.
Rather than being taxed as income, the proceeds of those sales will be taxed at the lower, long-term capital gains rate of 20%. But that will still increase his taxes by $1.2 billion, bringing his 2021 federal tax bill to $10.7 billion. Earlier this month, Musk said in a series of tweets that his $11 billion in taxes would be the largest single-year tax bill ever paid by any individual. But that's quite a change from his previous tax bills.
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