🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Musk donated around $1.95 billion in Tesla shares last year

Published 02/14/2023, 10:39 PM
Updated 02/15/2023, 05:36 AM
© Reuters. FILE PHOTO: Tesla CEO Elon Musk and his security detail depart the company’s local office in Washington, U.S. January 27, 2023.  REUTERS/Jonathan Ernst
TSLA
-

(Reuters) - Tesla (NASDAQ:TSLA) chief executive Elon Musk donated shares worth $1.95 billion in the world's most valuable automaker to charity last year, a filing with the U.S. Securities and Exchange Commission (SEC) showed on Tuesday.

Musk donated about 11.6 million shares between August and December last year, according to the filing, which did not say which organization or organizations were the recipients.

The world's second-richest person now owns around 13% of Tesla.

Tesla did not immediately respond to an email seeking details on which charity or charities got the donations.

Musk donated about $5.74 billion in 2021.

Analysts have said that Musk might benefit from gifting Tesla stock if he donated it to charity, since shares donated to charities do not have to pay capital gains tax, as they would if they were sold.

© Reuters. FILE PHOTO: Tesla CEO Elon Musk and his security detail depart the company’s local office in Washington, U.S. January 27, 2023.  REUTERS/Jonathan Ernst

Musk signed the Giving Pledge in 2012, a commitment by some billionaires to give at least half their wealth to philanthropy in their lifetime or upon their death.

In 2001, he set up the Musk Foundation, offering grants for the "development of safe artificial intelligence to benefit humanity" among other causes, according to its website.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.