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Elon Musk Donated $5.7 Billion of Tesla Shares to Charity: What you need to know

Picture courtesy: 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 the 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.

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