Elon Musk donated around $1.95 billion shares to charity in 2022
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The Chief Executive Officer of leading electric vehicle maker Tesla, Elon Musk, donated shares worth $1.95 billion to charity in 2022. The company revealed the donation through a filing with the US Securities and Exchange Commission (SEC) on Tuesday.
Tesla CEO donates $1.95B worth of shares
The donations that were made by Musk between August and December 2022 totaled around 11.6 million shares. However, the company has not shared the details of the organizations or individuals that received the donations.
Musk currently ranks as the second-richest person in the world. Following his recent share sales and donations, he currently owns an around 13% stake in the electric vehicle manufacturer. Musk has been actively donating to charity, given that in 2021, he donated around $5.74 billion.
According to analysts, Musk could have benefited from the donations of Tesla stock. Shares donated to charity courses do not attract a capital gains tax like they would have if they were sold in the market. Therefore, Musk did not have to pay taxes on the $1.95 million donation.
In 2012, Musk joined the Giving Pledge. The latter is an organization including several billionaires that have vowed to donate at least half of their networth to charity during their lifetime or after death. However, even before joining the organization, Musk was already involved in philanthropy.
In 2001, Musk created the Musk Foundation, which focused on giving grants to support the creation of safe artificial intelligence that will benefit humanity. The foundation also has multiple causes geared toward charity.
In 2021, Musk announced on Twitter that he was planning to donate $20M to schools located in Cameron County, with another $10M going towards the city of Brownsville situated in Texas. The Tesla CEO said the donations would go towards “downtown revitalization.”
Tesla investors criticize Musk’s role at Twitter
Musk acquired Twitter late last year. He has since taken over as the chief executive of the social media platform. However, he said he plans to find a successor for the company by the end of the year. At the time, Musk said that he was optimistic that Twitter would be stable by the end of the year.
While speaking at the World Government Summit in Dubai, Musk said, “I think I need to stabilize the organization and just make sure it’s in a financially healthy place and that the product roadmap is clearly laid out.”
Amid showing commitment to the social media company, Musk has triggered concern from some Tesla investors. The investors said that Musk was spending most of his time to turn the company around and boost revenues.
In November last year, Musk admitted that he was spending a lot of time at work as he had to balance his responsibilities at Twitter, Tesla, and SpaceX. He admitted that his workload had increased significantly. Nevertheless, Musk seems to be turning Twitter around after saying that the platform reported the highest usage in months.
