Elon Musk donated over $5.7 Billion worth of TESLA shares to charity reveals SEC filings

Tesla CEO Elon Musk donated shares worth more than $5.7 billion in the world’s most valuable automaker from November 19 to November 29 last year. There would potentially be tax benefits for Musk.

The donation was valued at $5.74 billion based on the closing prices of Tesla shares in the five days when it donated the stock.

The filing did not disclose the name of the donation. Twitter users late last year sold 10 percent of their stake in the electric-car maker. The billionaire sold $16.4 billion worth of shares after voting to take the % off. He tweeted last year that he would pay more than $11 billion in taxes in 2021 because of his exercise of stock options that expire this year.

He also traded barbs with politicians Bernie Sanders and Elizabeth Warren who called for the wealthy to pay more taxes. Analysts have said there would potentially be tax benefits for Musk gifting Tesla stock. This is because donated shares are not subject to capital gains tax, as are those that are sold.

His tax reduction would be enormous. He would save somewhere in the range of 40% and half of the $5.7 billion in charges, contingent upon whether he can take a derivation for his California pay and benefit charges in the event that he sells the stock.

He added that Musk might have contributed stock to mediators, for example, giver prompted reserves and not by and large to altruistic gatherings.

Musk’s gestures of public philanthropy have left other billionaires far behind. According to Forbes, Musk and Amazon.com founder Jeff Bezos have donated less than 1% of their net worth.

He laid out the Musk Establishment, offering awards for the improvement of secure man-made reasoning to help humankind, as per his site. Musk’s establishment has resources of more than $200 million.

Early last year, Musk and his foundation offered a $100 million prize to anyone who could come up with a technology that would help remove carbon from the atmosphere. He said last year he was donating $20 million to schools in Cameron County, Texas where the Space X rocket launch site is located, and $10 million to the city of Brownsville.

Musk has toyed with more ambitious philanthropy goals. He tweeted last year that if the UN World Food Program could describe exactly how $6 billion would solve world hunger, I would sell Tesla stock right now and do it.

Musk was responding to a plea for donations from David Beasley, executive director of the World Food Program. In January last year he asked Twitter users for ways to donate money that actually make a difference. .

Elon Musk donated nearly $6 billion of Tesla shares to charity in November, according to a filing with the US Securities and Exchange Commission The CEO gave away more than 5 million shares in the electric automaker in five days from November 19 to November 29 last year Based on the closing prices of Tesla shares.

The donations made by him were about $5.74 billion, although the filing did not disclose the name of the recipient charity Musk was trading in for politicians Bernie Sanders and Elizabeth. Warren, who last year told Twitter users to pay more taxes after selling his 10% stake in Tesla, sold the billionaire’s $16.4 billion worth of shares, which analysts say Musk could potentially gift.

There will be a tax benefit for the shares given because the donated shares are not subject to capital gains tax for the donation as they are sold. The donation was America’s second largest don or bill according to the Chronicle of Philanthropy data last year after French Gates. Ranks Musk as high as Gates and Melinda.

Tesla CEO Elon Musk has donated 1.95 billion of his shares in the electric car company. In a filing with the US Securities and Exchange Commission that did not disclose the identity of the recipient or recipients of the donation, Musk said Tesla’s 11.6 million shares Stock donated between August and December of the previous year. In 2021, he will donate shares worth about $5.74 billion to charity.

That same year pledged $20 million to schools, $10 million to the city of Brownsville, Texas for downtown revitalization. Tesla has not responded to requests for comment on the recent donations, the billionaire has an estimated net worth of $197.5 billion, according to Forbes. is, in a move indicating a possible successor to Musk. 3 would be a good time to find a successor By 2023 would be a good time to find a successor for Twitter’s CEO post, musk announced via video link at the World Government Summit in Dubai as SpaceX takes on multiple responsibilities including his own. Has been working on Tesla and Twitter at the G20 summit in Bali in Indonesia. Musk said he was working too much.

My workload has grown tremendously over the past few weeks and has also come under fire from some Tesla investors, who believe he has been focusing more of his time on Twitter rather than Tesla and that the company was nearing bankruptcy, he said. Musk wants to make sure the product roadmap is clear. Musk’s donation of Tesla shares is an important step that could benefit select charities. The donation comes at a time when the billionaire is working to make his companies more profitable and more sustainable.

Tesla is working to increase production of its electric vehicles while reducing its carbon footprint. The company is working on new battery technologies and has expanded its network of charging stations to make electric vehicles more accessible to drivers. In May 2020, he donated $100 million to help fight climate change In 2018, Musk donated $5 million to Khan Academy to help provide online education to students. A pledge to donate one million dollars to a tree planting campaign in the UK will be of great benefit at a time when climate change is becoming a more pressing issue.

The announcement of his plans to find a successor for his role as CEO of Twitter is also a significant development. Twitter is struggling to grow its user base and generate revenue, and Musk is working to turn the company around. However, some Tesla investors have expressed concern that Musk is spreading himself too thin by working on too many different projects. The announcement that Musk is looking for a successor may help allay some of these concerns. .

Elon Musk’s donation of nearly $2 billion of Tesla shares to charity is an important step that could benefit the chosen charity or charities. The donation comes at a time when Musk is working to make his companies more profitable and sustainable. His announcement that he plans to sell more Tesla stock as well as pay taxes on donations demonstrates his commitment to philanthropy, although some have criticized Musk for GIs given his immense wealth. is of.

Forbes has estimated his net worth at over $200 billion, making him the richest person in the world. The world, in contrast, donated $1.9 billion in Tesla shares representing less than 1% of his net worth. The donation may have a tax advantage for him because donating appreciated stock allows the donor to avoid capital gains tax, but Musk has said he will donate the full value of the shares to avoid any tax benefit. is planning to do.

Despite these criticisms, Musk’s donation is still a significant contribution to charitable causes, it also sets an example for other billionaires as more and more people are calling on the ultra-wealthy to give back to society. Elon Musk’s donation of $2 billion in Tesla shares is a positive step that could have a significant impact on the chosen charity.

It demonstrates Musk’s commitment to philanthropy and sets an example for other billionaires to follow, while some have criticized the donation as not going far enough, it is still a significant contribution and will benefit those who benefit from it. Can make a real difference in someone’s life.

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