Tue 15 February 2022:
From November 19 to November 29, last year, Tesla CEO Elon Musk gave a total of 5,044,000 shares in the world’s most valuable automaker to a charity, according to a filing with the US Securities and Exchange Commission.
Based on the closing prices of Tesla shares on the five days that he gave the equities, the donation was worth $5.74 billion.
The application did not disclose the name of the charity.
After polling Twitter followers about dumping 10% of his share in the electric-car producer, the billionaire sold $16.4 billion worth of shares late last year.
Regardless of the Twitter poll, he said he needed to sell some of the stocks to pay taxes related to the exercise of options that were set to expire this year.
Last year, he stated that in 2021, he will pay more than $11 billion in taxes.
According to experts, there would be a tax gain for Musk if he gave Tesla stock as a gift. This is due to the fact that shares given to charity are not subject to capital gains tax, as they would be if sold.
According to the Musk Foundation’s website, he established the Musk Foundation in 2001 to provide funds for the “development of safe artificial intelligence to benefit humanity,” among other causes. Musk’s foundation has a net worth of over $200 million.
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 request for a donation from David Beasley, the executive director of the World Food Program. Beasley tweeted that he was willing to meet with Musk to discuss the matter further, but it is unclear whether the two discussed it more.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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