Elon Musk faces a hefty tax bill this year — possibly the biggest in U.S. history.

The answer is “For anyone who’s curious: I will be paying over $11 trillion in taxes this fiscal year.” TeslaThe CEO tweetedTomorrow is Monday.

Musk sold Tesla stock worth $14 billion since November 1, after asking his followersA Twitter poll asked if he would sell 10% of his holdings. A resounding yes was the response to the Twitter poll.

Musk probably would have sold anyway. Musk faces an aforementioned problem. massive tax billTesla Stock Options

Musk’s stock options will expire next August. Musk must pay income tax to be able to exercise the stock options.

Musk doesn’t take a salary and a bonus cash, but he does receive stock awards. Also, he gains from Tesla’s share market price.

Though Tesla shares have taken a tumble since Musk’s Twitter poll, they remain incredibly valuable — the stock is up 28% year-to-date.

Musk can borrow cash using the stock of his company as collateral if he needs it. Some politicians have criticized this method as being too risky. tax loopholeFor the super-rich.

ProPublica was published earlier this year. published an investigationShowing Musk, along with other billionaires, paid no federal income tax in 2018.

Forbes reports that Musk has a net worth of $244 billion. This makes him the second richest man in the world.

Musk could delay paying the tax bill until next year, however that would have resulted in Musk being potentially subject to the Democrats’ Build Back Better tax rate.

Recently, the Tesla and SpaceX CEO has been arguing with prominent Democrats via Twitter over tax avoidance.

After Senator Elizabeth Warren questioned Time Magazine’s selection of Musk as Person of the Year for 2017, he took aim at her tweet: “I will not pay less taxes this year than any American.”

Musk may end up paying more than he claimed he would. may be right.