Elon Musk’s Wealth Increased 1,000% in Two Years, Higher Than 99% of Other Richest Men in the WorldYour support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. A recent report by Oxfam, a global movement working to end the injustice of poverty, has said the 10 richest men in the world saw their wealth surge collectively from N290.5 trillion to N622.5 trillion during the COVID-19 pandemic. The report also said if the 10 billionaires sat on their combined wealth converted to the US dollar, they would reach halfway to the moon. Read also Investors poured N14.5 trillion into cryptocurrency in 2021 as demand for crypto-related jobs surged Oxfam, the UK-based charity issues an inequality report this time every year during the World Economic Forum holding in Davos, which is virtual this year due to the pandemic. Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! The year’s report distinguishes the very richest billionaires’ huge wealth with the economic losses suffered by 99 per cent of humanity. Fortune Magazine reported that Tesla owner, Elon Musk’s wealth increased by about 1,000 per cent to the value of N112,050 trillion and Google co-founders, Larry Page and Sergey Brin all saw 125 per cent increases in their wealth. All their wealth increased during the almost two years of the pandemic than they had in the last 14 years, Oxfam said. Legit.ng reported that SpaceX and Tesla founder, Elon Musk is set to pay about N4.5 trillion ($11 billion) in taxes to the U.S. Internal Revenue Service (IRS) which is almost half of Nigeria’s 2021 budget at N14.7 trillion ($35.66 billion). Read also Uncertainty as OPEC Puts Cap on Oil Price, Says Body Not Willing to Allow Price Hit N41,00/PB Musk revealed this in a tweet where he said he will be paying the said amount in 2021 after selling 10 per cent of his shares in Tesla. This may be a record amount paid to the IRS, according to a report by CNBC The billionaire businessman may owe more than N4.5 trillion in taxes. Musk exercised almost 15 million options and sold millions of shares to cover taxes related to the transactions which resulted in a high tax levy. Source: Legit.ng The 10 richest men are so wealthy that if their wealth is converted to the US dollar it will reach halfway to the moon Tesla and SapceX owner, Elon Musk became 1000 per cent richer in two years more than the rest of the richest men in the world Oxfam, a UK-based charity which is working to end the injustice of world poverty issued the report as the World Economic Forum started Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Legit.ng