Elon Musk has donated $5.7 billion in Tesla shares to charity

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The donation of 5,044,000 shares was revealed Monday in a submitting to the US Securities and Trade Fee. The shares have been gifted final yr between November 19 and November 29, in line with the submitting, which didn’t title the recipient or recipients of the shares.

Tesla’s inventory was buying and selling above $1,000 per share on the time of the donations. The donated shares have been price $5.7 billion based mostly on the common of the very best and lowest quoted worth on the date of the transaction.

The charitable giving would make Musk the second largest US donor in 2021. Tesla’s CEO trails solely Invoice Gates and Melinda French Gates, who gave $15 billion final yr, in an annual rating by the Chronicle of Philanthropy.

Earlier securities filings present that Musk bought Tesla shares price over $16 billion within the remaining two months of 2021, with a lot of the proceeds going to pay an estimated $11 billion US federal tax invoice. Donated shares should not topic to capital features tax and their worth could possibly be used as a deduction to assist offset the tax invoice.

Tesla didn’t instantly reply when requested for extra particulars on the donated shares. Musk has established a basis that makes grants in help of causes together with pediatric analysis and science schooling, however there are few particulars out there on its bare-bones website.
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Musk, the world’s richest man, was challenged final yr by the director of the UN World Meals Programme (WFP) to make a donation that will assist remedy world starvation.

“If WFP can describe on this Twitter thread precisely how $6 billion will remedy world starvation, I’ll promote Tesla inventory proper now and do it,” Musk wrote on Twitter in October.

The World Meals Programme did reply with a plan. However there hasn’t been any phrase from Musk.

“There are tens of millions of individuals world wide on the point of hunger. Whether or not WFP receives any of this cash is but to be seen, however I’m excited to listen to that Elon is engaged. That is a tremendous and nice first step.” David Beasley, govt director of WFP, stated in an announcement on Tuesday.

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