Tesla CEO Elon Musk says he’ll pay $11 billion in tax this year – which is nearly the worth of Africa’s richest man, Aliko Dangote.
Elon Musk, with a net worth of $243 billion, became the world’s richest earlier this year.
Dangote, the wealthiest person in Africa has an estimated net worth of US$12.7 billion as of September 2021.
Multi Billionaire and Chief Executive of Tesla Inc, Elon Musk, with a net worth of over $200 billion, became the world’s richest earlier this year.
Bloomberg Billionaires Index puts Musk’s wealth at $243 billion, while Tesla, the most valuable automaker in the world is worth around $1tn and SpaceX is worth $100bn.
Last week, Mr Musk, the co-founder of electric car maker Tesla and aerospace manufacturer SpaceX, was named Time Magazine’s Person of the Year.
That prompted Senator Warren to tweet : “Let’s change the rigged tax code so ‘The Person of the Year’ will actually pay taxes and stop freeloading off everyone else.”
Taking to his Twitter handle, Elon Musk responded by tweeting that he will pay $11bn (£8.3bn) in tax for this year.
“For those wondering, I will pay over $11bn in taxes this year,” the billionaire responded.
To put how much Musk will be paying as tax this year in perspective, the wealthiest person in Africa, Aliko Dangote, has an estimated net worth of US$12.7 billion as of September 2021.
The latest development comes amid US President Joe Biden’s plan to increase taxes on the ultra-rich, although legislative plans have so far stalled in Congress.
Some senators have backed the idea of taxing not only the income of America’s richest citizens, but also the rising value of the assets they hold, like shares.
Earlier this week, Democratic Senator Elizabeth Warren tweeted that Mr Musk should stop “freeloading off everyone else”.