Tesla founder, tax-criticism target Elon Musk says he'll pay $11 billion in 2021

Dec. 20 (UPI) -- A longtime target of critics over his federal income tax payments, billionaire and Tesla chief Elon Musk says he will pay billions in taxes in 2021.

Musk, the founder of Tesla and SpaceX, said in a tweet that he expects to pay $11 billion in taxes this year, a record amount for any one taxpayer.

Musk sold off $14 billion worth of Tesla stock in early November after asking social media followers if he should cash in on the shares.

Musk makes money from his companies off stock awards instead of giving himself a salary. In October, he became the first person in history to have a net worth of more than $300 billion.

"For those wondering, I will pay over $11 billion in taxes this year," Musk tweeted late Sunday.

Musk faced renewed criticism over his taxes last week when he was named Time magazine's "Person of the Year." File Photo by Bill Ingalls/NASA/UPI

Much of the tax bill stems from Tesla stock options he received in 2012, which expire next year.

Musk has been the target of criticism for the amount of taxes he's paid over the past several years relative to his wealth. A ProPublica report in June said he paid about $140,000 in federal taxes in 2015 and 2017, and none in 2018 -- while his wealth grew by $14 billion between 2014 and 2018.

Musk faced renewed criticism last week when he was named Time magazine's "Person of the Year."

"Let's change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else," Sen. Elizabeth Warren, D-Mass., tweeted.

Musk replied, "If you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year."