Elon Musk donated $5.7bn of Tesla shares to charity

An unidentified trust was involved in the transaction, and the name of the charity wasn’t cited in the document.
Image: Bloomberg

Elon Musk reported that he gifted almost $6 billion worth of Tesla Inc. shares to charity in November.

The world’s richest man donated more than 5 million shares in the electric automaker from November 19 to November 29, according to a filing with the Securities and Exchange Commission. The gift was worth about $5.7 billion, based on average prices the days he sold the stock, making it one of the biggest to a charity in history. An unidentified trust was involved in the transaction, and the name of the charity wasn’t cited in the document.

The donation occurred as Musk, Tesla’s chief executive officer, battled with politicians including Bernie Sanders and Elizabeth Warren over inequality and a potential wealth levy. Around the same time, Musk suggested he’d sell stock if the United Nations could prove it would help solve world hunger after the head of the organisation’s food-aid arm suggested billionaires like Musk should “step up now, on a one-time basis.”

A large gift to charity last year would help reduce what Musk claimed would be the biggest tax bill in US history. Bloomberg calculated in December that Musk could owe more than $10 billion to the Internal Revenue Service, triggered by his exercise of an unusually large number of options in 2021.

Musk has an eponymous foundation that’s become more active over recent years, with large, eight-figure gifts promised to the city near his South Texas spaceport, a $100 million competition for carbon removal and $5 million to two scientists for Covid-19 research. Before then, his foundation’s largest contributions were to donor-advised funds, or DAFs, where charitable money can sit in perpetuity.

The Musk Foundation, which used to count Musk’s brother Kimbal as a director, has recently added a new face to its roster. Several grant recipients Bloomberg spoke with have said their primary point of contact at the foundation is Igor Kurganov, a professional poker player-turned-philanthropist who is active in the effective altruism space.

© 2022 Bloomberg

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: