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Elon Musk will pay more than $11 billion in taxes

The most powerful person in the world and Tesla Inc. CEO Elon Musk announced that he will pay more than $11 billion in taxes this year.

Elon Musk, in his post on Twitter, said, “For those who are wondering, I will pay over 11 billion dollars in taxes this year.”

Musk’s payment of more than $11 billion in taxes this year could be a record price to pay the U.S. Internal Revenue Service.

The high tax came after Musk exercised about 15 million options and sold millions of Tesla shares to pay the tax on those processes.

Musk started selling shares last month after a survey he asked Twitter users whether to sell 10 percent of his stake in Tesla.

Musk also added that he expects this tax rate to increase next year.

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