Elon Musk gave $5.7 billion in Tesla stock to charity

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Tesla CEO Elon Musk donated round $5.7 billion in shares of the electrical automobile maker to charity, in accordance to the company’s filings.

Tesla gave 5,044,000 shares to philanthropic organizations between Nov. 19 and Nov. 29 of final year, in accordance to paperwork submitted to the Securities and Exchange Commission.

At the time of the donation, shares of Tesla had been hovering simply above $1,000 apiece. It just isn’t identified which charities obtained the reward.

Musk’s beneficiant donation places him second behind Bill and Melinda French Gates, who gave $15 billion to their very own basis final year, in accordance to the Chronicle of Philanthropy.

The Post has sought remark from Tesla.

Last year, Musk was challenged by David Beasley, the director of the UN’s World Food Program, to donate money to assist resolve world starvation.

Beasley mentioned {that a} donation of simply 2% of Musk’s wealth might assist resolve world starvation and save 42 million lives.

“If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it,” Musk responded on Twitter.

The donation of Tesla shares would make Musk the second largest giver to charity behind Bill and Melinda French Gates.
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He added: “But it must be open source accounting, so the public sees precisely how the money is spent.”

Musk, the world’s richest man whose internet price is estimated by Forbes to be valued at $243.8 billion, mentioned he paid $11 billion in taxes final year after promoting greater than $16 billion price of Tesla shares in the ultimate two months of 2021.

The Tesla founder exercised all of the choices on 22.8 million shares of stock that had been due to expire. He bought off the stock in order to cover his tax invoice.

Shares of Tesla rose by almost 4% in buying and selling on Wall Street on Tuesday morning.
SOPA Images/LightRocket by way of Gett

Musk’s company, in distinction, gained’t pay a cent in federal revenue tax regardless of reporting a report revenue of $5.5 billion final year.

Shares which are donated to charity usually are not topic to capital beneficial properties tax. Companies will usually write off charitable donations in order to cut back their tax burden.

Musk, 50, doesn’t draw a wage from the electrical automobile company he based. His fortune comes from stock awards and the beneficial properties in Tesla’s share value.

Shares of Tesla rose by almost 4% in early morning buying and selling on Wall Street on Tuesday.