Connect with us

Hi, what are you looking for?



Elon Musk’s Taxes Were Just About Enough To Cover GM’s Bailout

Elon Musk’s 2021 taxes were just about enough to pay back GM’s bailout earlier this century. Reuters reported that the US government lost $11.2 billion bailing out GM, more than the $10.3 billion the Treasury Department estimated it made when it sold its remaining GM shares in December. In 2021, Elon Musk paid over $11 billion in taxes due to selling Tesla shares.

Elon’s taxes are a hot topic on Twitter and many of the critics that interact with me believe lies and misinformation about whether or not Elon Musk pays his taxes. He does, actually, pay taxes, and in some cases he overpays. One example of this is in 2017 when he overpaid in taxes to the point where he didn’t owe anything in 2018.

Despite the irony of it all, to be honest, I’d rather see these tax dollars go toward GM’s debt than being wasted in other areas. Billions of dollars go to the fossil fuel industry every year, for example. So, yeah, I think seeing money that was generated by a company focused on renewable energy and clean vehicles go toward a competing automaker’s debt instead of Exxon or Shell is actually a nicer way to look at it.

Now, I’m not saying that’s exactly what happened, but the idea puts my mind at ease. Especially since GM is focusing somewhat on EVs now — even if only to beat Tesla or to survive.

Some Thoughts About Elon, Taxes, And Common Perceptions Based On Misinformation

It’s pretty sad that many people are taught to see that owning shares in a company means that you are extremely wealthy and are simply robbing the poor. I genuinely feel as if the American education system is sort of to blame for this. If financial literacy was taught, perhaps we would have less of an angry group of people hating billionaires like Elon Musk.

If the average person was to understand that owning shares in a company doesn’t translate into instant money in the bank and that if Elon was to sell everything it would negatively impact his companies, the jobs of Americans, and economies around those companies, then perhaps they would move from hating him for being rich to simply disliking him for whatever reasons.

I have seen so many comments to my own tweets spreading this type of distorted misinformation about Elon Musk, ranging from comments about blood diamonds to never paying taxes, and when you correct the misinformation you’re accused of extreme sexual acts. I see a lot of this on Twitter.

I’ve also had someone I’ve known for over a decade go on a rant on my Facebook page telling me that I’m an awful person paying lip service to billionaires who don’t care about me. It’s really frightening how many on the left are filled with blind hatred of Musk to the point where they can not see reason. And they automatically cancel you because they no longer see you as a friend, but as “one of them.

And if our political leaders truly cared about honesty, integrity, and the American people, they wouldn’t mislead the masses. One example is Senator Elizabeth Warren’s Facebook ads taken out against Elon Musk. Perhaps she thought that meant well. Or perhaps she was trying to hustle money from her campaign donors. I’m an optimist but I’m also a realist and the way her ads were phrased and worded pitched Elon Musk as the enemy of the poor while asking them for money so she could fight him.

In conclusion, I think we can put the topic of Elon and his taxes to bed for now — at least until someone else starts spreading more misinformation. Whether or not you love or hate Elon Musk (or feel nothing at all), this shouldn’t affect reason or judgement. If he paid his taxes, then claiming he didn’t is simply incorrect.

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

Johnna owns less than one share of $TSLA currently and supports Tesla's mission. She also gardens, collects interesting minerals and can be found on TikTok


You May Also Like


When Tesla switched some of its cars’ steering wheels out for an airplane-style yoke, there was a lot of controversy. Some of it was...


The Tesla Model Y was the 2nd best selling automobile in the overall German auto market in February (an "off-peak month" for Tesla).

Autonomous Vehicles

Tesla says it is ready to roll out a new update for its Full Self Driving Beta system that will address a recall by...

Clean Transport

Tesla’s stock has been popular this year, and retail investors have been no exception to this fact. With tens of billions spent on Tesla...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.