Elon Musk donated $5.7 billion of Tesla shares to charity
Elon Musk donated $5.7 billion of Tesla shares to charity According to a filing with the US Securities and Exchange Commission (SEC) on Monday, Tesla CEO Elon Musk gave a total of 5,044,000 shares in the world’s most valuable automaker to a charity between Nov. 19 and Nov. 29 last year.
Based on the closing prices of Tesla shares on the five days, he donated the equities; the donation was worth $5.74 billion.
Late last year, Elon Musk made one of the greatest philanthropic donations in history by donating over $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-car company between Nov. 19 and Nov. 29. Based on average prices for the days he sold the shares, the gift was worth nearly $5.7 billion.
The charity isn’t named in the document, but it does disclose that an unnamed trust was engaged in the transaction.Musk, Tesla’s CEO, made the donation as he sparred with politicians such as Bernie Sanders and Elizabeth Warren over inequality and a proposed wealth tax. Musk said he’d sell the stock if the UN could prove that $6 billion would help end world hunger in the weeks leading up to the gift when the head of the UN’s World Food Programme asked for billionaires to help.
Musk has become increasingly irritated by criticism of billionaires as his wealth has risen, and he has stated that he will sell his homes and most of his goods. According to the Bloomberg Billionaires Index, he is more than $47 billion richer than the world’s second-richest person, Amazon.com Inc. founder Jeff Bezos, with a fortune of $227.3 billion. Musk’s eponymous charity 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 a $5 million commitment to two scientists researching Covid-19.
Prior to then, the majority of his foundation’s contributions went to DAFs, or donor-advised funds, where charity cash can be held. The Musk Foundation has recently added a new face to its board of directors, which previously included Musk’s brother Kimbal. Several award recipients told Bloomberg News that Igor Kurganov, a prominent poker player turned philanthropist involved in the effective altruism field, is their principal point of contact at the organization.
So far, Musk’s public charity has lagged behind that of other billionaires. According to Forbes, Musk and Amazon.com founder Jeff Bezos have given away less than 1% of their net worth, but Warren Buffett and George Soros have given away more than 20% of their net worth as of early September. According to the Musk Foundation’s website, he established the Musk Foundation in 2001 to provide funds for the “development of safe artificial intelligence to benefit humanity,” among other causes. Musk’s foundation has a net worth of over $200 million.
Musk and his charity announced a $100 million reward to anyone who could develop a system to help remove carbon from the environment earlier this year. Last year, he announced that he would donate $20 million to schools in Cameron County, Texas, where a SpaceX rocket launch site is located, and $10 million to Brownsville.
Musk has also toyed with the idea of philanthropic ambitions that are more ambitious. “If (the UN World Food Programme) can demonstrate… exactly how $6 billion would eliminate world hunger, I will sell Tesla stock right now and do it,” he tweeted last year.
Musk was responding to a request for a donation from David Beasley, the executive director of the World Food Programme.
He asked Twitter users about “ways to donate money that genuinely make a difference (much tougher than it sounds)” in January of last year.