Elon Musk Gave $5.7 Billion Of Tesla Shares To Charity Last Year
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Elon Musk Gave $5.7 Billion of Tesla Shares to Charity Last Year
Elon Musk, CEO of Tesla and SpaceX, donated around $5.7 billion worth of Tesla shares to charity last year. The donations were made in November, according to a security filing Monday.
The filing doesn't name the recipients of the five donations, which totaled about 5 million shares of the electric vehicle company and world's most valuable automaker. The donations came as the billionaire sold $16.4 billion worth of shares after polling Twitter users about offloading 10% of his stake in Tesla in early November, according to Reuters. Much of that sale was intended to cover taxes incurred by Musk exercising stock options, The New York Times noted.
The donations make Musk 2021's second-biggest donor in the US, behind Bill and Melinda Gates, who gave $15 billion, according to the Chronicle of Philanthropy. However, they represent only 2.6% of Musk's total fortune, which is valued at $227 billion, according to Bloomberg's Billionaires Index, and Musk has trailed other billionaires when it comes to donations as a percentage of his net worth, Reuters said. The news outlet also noted that analysts have said donating shares would give Musk a significant tax break.
Musk's other philanthropic efforts include announcing in January 2021 that he'd donate $100 million toward a prize for best carbon removal technology.
Tesla doesn't operate a public relations department to field requests for comment.
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