According to a filing with the United States Securities and Exchange Commission, the world's wealthiest man contributed more than 5 million shares of the electric-car manufacturer in November.
At the end of last year, Elon Musk donated about $6 billion worth of Tesla Inc. shares to charity, making it one of the greatest humanitarian contributions in history.
According to a filing with the Securities and Exchange Commission, between Nov. 19 and Nov. 29, the world's wealthiest man gave more than 5 million shares in the electric-car producer, according to the document. Based on the average price of the securities on the days he sold them, the gift was worth about $5.7 billion. The petition does not identify the charity, but it does indicate that it was engaged in the transaction via an undisclosed trust.
When Musk, Tesla's CEO, made the gift, he was embroiled in a political battle with Democrats like Bernie Sanders and Elizabeth Warren about inequality and a planned wealth tax, among other issues. As part of his preparations for the donation, Musk said he would sell shares if the United Nations could demonstrate that $6 billion would be used to alleviate global hunger. This came after the president of the United Nations' World Food Programme called on billionaires like Musk to "stand up."
Fact check:
— Dr. Eli David (@DrEliDavid) October 30, 2021
🔹 2% of @elonmusk's wealth is $6B
🔹 In 2020 the UN World Food Program (WFP) raised $8.4B. How come it didn't "solve world hunger"?
_ pic.twitter.com/x6w0MJ3Buc
A major donation to charity would assist in the reduction of what Musk has said would be the largest tax bill in the history of the United States. Days before completing a series of stock transactions for more than $16 billion — a large portion of which was used to finance the exercise of almost 23 million options — the CEO tweeted that he would pay more than $11 billion in taxes for the fiscal year in question.
Tesla, which surpassed Toyota Motor Corp. as the world's most valued carmaker in July 2020 and entered a limited club of firms with trillion-dollar values in October, accounts for a large portion of Musk's fortune. Tesla's market value has fallen since then, to around $905 billion as of Monday's closing, according to FactSet. Prior to the start of normal trading on Tuesday, the stock gained as high as 3.7 percent on the NYSE.
As his net wealth has increased, Musk has been more irritated by criticism of billionaires and has said that he intends to sell his residences and most of his assets. According to the Bloomberg Billionaires Index, he has a fortune of $227.3 billion, making him more than $47 billion more than the world's second-richest person, Amazon.com Inc. founder Jeff Bezos, according to the index.
Founder Elon Musk has an eponymous foundation that has been increasingly active in recent years, with substantial, eight-figure grants offered to the community near his South Texas spaceport, a $100 million carbon removal competition, and a $5 million commitment to two scientists investigating Covid-19. Prior to then, the majority of his foundation's donations went to donor-advised funds, or DAFs, which allow philanthropic money to be invested in perpetuity.
The Musk Foundation, which formerly included Musk's brother Kimbal on its board of directors, has just welcomed a new member to its ranks. Igor Kurganov, a former professional poker player who has turned philanthropist and is engaged in the effective altruism field, has been identified as the major point of contact at the foundation by many award recipients who talked with Bloomberg News about their experiences.
SOURCE: NEWS AGENCIES
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