Elon Musk donated $5.7 billion of Tesla shares to charity

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A big present to charity would assist scale back what Musk has stated can be the biggest tax bill in U.S. history. Days earlier than he accomplished a collection of inventory gross sales value greater than $16 billion — a lot of which was to cowl the train of virtually 23 million choices — the CEO tweeted he would pay greater than $11 billion in taxes for the 12 months.

A lot of Musk’s wealth is tied to Tesla, which overtook Toyota Motor Corp. because the world’s most useful automaker in July 2020 and joined a choose group of firms with trillion-dollar valuations in October. Tesla’s market capitalization has slipped since then to about $905 billion at Monday’s shut. The shares superior as a lot as 3.7 p.c earlier than the beginning of normal buying and selling Tuesday.

As his web value has grown, Musk has bristled at criticism of billionaires and stated he’d promote his properties and most of his possessions. With a $227.3 billion fortune, he’s greater than $47 billion richer than the world’s second-wealthiest particular person, Amazon.com Inc. founder Jeff Bezos, in accordance with the Bloomberg Billionaires Index.

Musk has an eponymous basis that’s develop into extra lively over current years, with massive, eight-figure items promised to the town close to his South Texas spaceport, a $100 million competitors for carbon removing and a $5 million contribution to 2 scientists researching Covid-19. Earlier than then, his basis’s largest contributions have been to donor-advised funds, or DAFs, the place charitable cash can sit in perpetuity.

The Musk Basis, which used to depend Musk’s brother Kimbal as a director, has lately added a brand new face to its roster. A number of grant recipients Bloomberg Information spoke with have stated their main level of contact on the basis is Igor Kurganov, knowledgeable poker player-turned-philanthropist who’s lively within the efficient altruism area.

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