Musk donated over $5.7 bln in Tesla shares to charity in November

Published: Updated:
Read Mode
100% Font Size
2 min read

Tesla chief executive Elon Musk donated a total of 5,044,000 shares in the world’s most valuable automaker to a charity from November 19 to November 29 last year, its filing with US Securities and Exchange Commission showed on Monday.

For the latest headlines, follow our Google News channel online or via the app.

The donation was worth $5.74 billion, based on the closing prices of Tesla shares on the five days that he donated the stocks.

The filing did not disclose the name of the charity.

Late last year, the billionaire sold $16.4 billion worth of shares after polling Twitter users about offloading 10 percent of his stake in the electric-car maker.

He suggested that he needed to sell some of the stocks, regardless of the Twitter poll, to pay taxes associated with his exercise of options due to expire this year.

He said last year that he will pay more than $11 billion in taxes in 2021.

Experts have said there would be a tax benefit for Musk potentially gifting Tesla stock. This is because shares that are donated to charity are not subject to capital gains tax, as they would be if they were sold.

In 2001, he set up the Musk Foundation, offering grants for the “development of safe artificial intelligence to benefit humanity” among other causes, according to its website. Musk’s foundation has over $200 million in assets.

Musk has also flirted with more ambitious philanthropy goals. He tweeted last year that “if (the United Nations World Food Program) can describe ... exactly how $6 billion will solve world hunger, I will sell Tesla stock right now and do it.”

Musk was responding to a plea for a donation from David Beasley, the World Food Program’s executive director. Beasley tweeted he was willing to meet Musk to provide more details, but it is not clear if the two explored the idea further.

Read more:

Musk’s SpaceX working to restore Tonga’s internet: Fiji official

Elon Musk says his tweet about taking Tesla private was ‘entirely truthful’

Tesla to disable self-driving feature that runs stop signs

Top Content Trending