In an not noticeable vogue — through a regulatory filing with the Securities and Trade Fee — Elon Musk, Tesla’s chief government, disclosed on Monday that he gave almost $6 billion value of the corporate’s shares to charity final yr, immediately propelling him into the higher ranks of philanthropic donors.
However the doc gave little details about the place he directed his wealth, the DealBook newsletter reports.
Mr. Musk donated simply over 5 million shares in November, in accordance with the submitting. Primarily based on the common worth of Tesla shares on the times he bought, that’s value roughly $5.7 billion. That might make him the second-biggest donor final yr, behind solely Invoice Gates and Melinda French Gates and their $15 billion in giving, in accordance with the Chronicle of Philanthropy.
The present got here as Mr. Musk bought greater than $16 billion worth of shares in November and December, a lot of which was meant to cowl tax obligations after exercising inventory choices. On the time, he tweeted that he was prone to pay more than $11 billion in taxes, one of many largest particular person payments in U.S. historical past. The inventory donation might be helpful in defraying that invoice.
The query is the place these shares went. The donation got here as Mr. Musk argued with populist lawmakers like Senators Bernie Sanders, the impartial from Vermont, and Elizabeth Warren, Democrat of Massachusetts, about wealth inequality and taxes. A number of observers famous that weeks earlier than his donation, Mr. Musk tweeted that he would give $6 billion if the United Nations may show that cash may assist clear up world starvation. Days afterward, the U.N.’s World Meals Program outlined how it would spend $6.6 billion to assist avert famine.
Mr. Musk’s different disclosed philanthropic efforts embody hundreds of thousands in presents to Texas municipalities and a $100 million prize for growing applied sciences to take away carbon dioxide from the air.