Elon Musk bragged about receiving an $11 billion tax bill, but it is only due to large stock sales over the past month from which he will most likely continue to profit.
. But when the conditions surrounding Musk’s tax bill are detailed, his true intentions become clearer.
In 2012, as part of his compensation as CEO of Tesla, Musk received the option to make future stock purchases at their 2012 value, regardless of their market value at the time of purchase. This allowed Musk, who doesn’t receive a traditional salary from Tesla, toin November, setting off a cascade of similar transactions over the next weeks. Early in November, he bought those shares for $13.4 million, despite being valued at $2.3 billion.
The option to buy these shares at this price is set to expire next year. And the Build Back Better Act, if it were eventually passed, couldon the transaction if he were to put it off until 2022, making the trade strategically timed. Since then, Musk has made other similar transactions, which are taxed as income. At that tax bracket, they are subject to a
. These transactions are what make up the bulk of his $11 billion tax bill, according to tax experts.
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