Elon Musk Donates $5.7 Billion Tesla Share to Charity

Business, World

Elon Musk revealed in November that he donated about $6 billion worth of Tesla Inc. stock to charity.

According to a filing with the Securities and Exchange Commission, the world’s richest man gave more than 5 million shares in the electric automaker between November 19 and November 29.

Based on average prices on the days he sold the shares, the contribution was worth roughly $5.7 billion, making it one of the largest ever given to a charity. The transaction included an unnamed trust, and the charity’s name was not mentioned in the paperwork.

Elon Musk, Tesla‘s CEO, was fighting lawmakers like Bernie Sanders and Elizabeth Warren over inequality and a potential wealth tax when he made the donation. Around the same time, Musk said he’d sell stock if the UN could show it was helping to end world hunger, after the director of the UN’s food-aid agency proposed billionaires like Musk “sign up now, on a one-time basis.”

Last year, Musk made a huge donation to charity, which he claimed would assist decrease what he believed would be the largest tax payment in US history. Musk could owe the Internal Revenue Service more than $10 billion, according to Bloomberg, which was triggered by his exercise of an unusually large number of options in 2021.

Musk’s eponymous organization has gotten increasingly active in recent years, promising significant, eight-figure grants to the city near his South Texas spaceport, a $100 million carbon removal competition, and $5 million to two scientists for Covid-19 research. Previously, his foundation’s major contributions were to donor-advised funds, or DAFs, which allow charitable assets to be invested indefinitely.

The Musk Foundation has recently added a new face to its board of directors, which previously included Musk’s brother Kimbal. Igor Kurganov, a professional poker player turned philanthropist engaged in the effective altruism field, is the principal point of contact at the organization, according to many grant recipients Bloomberg talked with.

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