Elon Musk Slams "Angry Mom" Elizabeth Warren In A Twitter Feud
Elon Musk was recently engaged in a Twitter war with Sen. Elizabeth Warren where the billionaire called Warren an “angry mom” in a rebuttal.
Musk, who won two Person of the Year awards this week, was called out by Sen. Warren on Twitter as she critiqued his tax-paying habits.
“Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else” she wrote asking the administration to make sure that the rich stop getting away with their taxes.
Musk, who is forever present on Twitter and extremely active, did not need a second invitation to defend his case. “You remind me of when I was a kid and my friend’s angry Mom would just randomly yell at everyone for no reason,” Musk replied.
Musk has been criticized as a tax-evader after ProPublica published a report showing that Musk has not paid his taxes in 2018. The richest man on earth with an estimate of around $254 billion, Musk will have to pay almost 53% of his net worth in taxes, according to the tax rates.
Musk also reminded the veteran Harvard Law School professor that he will pay the most in taxes this year than anyone has ever paid. “And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year,” he tweeted.
He has been selling Tesla stock and exercising buying options since the start of November, selling stock in the present market rate and buying them at $6.24 by exercising the share options that he was rewarded back in 2012. The transactions were reportedly under Rule 10b5-1, a plan that allows the insiders of the company to perform trades on their own share of company stock at a said time. Musk still has a lot of stock options that he has to exercise before August 2022 when the stock options expire. CEO has 7 million stocks left to exercise.
According to reports, Musk will have to pay a top of bracket 37% federal tax for his transactions and another 3.8% net investment tax. Considering that Musk has spent almost $15.8 billion to exercise the stock options, the amount of tax would be around $6.4 billion. While Musk would’ve taken more time to exercise the options, a newly proposed, Build Back Better bill is on the verge of getting passed which will increase Musk’s tax by almost 8%.
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