Elon Musk's 'Mystery' Donation Of $5.7 Billion Tesla Shares Turns Out To Be Towards His Own Charity

Elon Musk had donated $5.7 billion worth of his Tesla shares to an unnamed organization at the end of last year, which was revealed earlier this year in February.

Vanya GautamUpdated: Dec 13, 2022, 14:24 IST
3 min read
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Reuters

Earlier this year in February, it was revealed that Elon Musk had donated $5.7 billion worth of his Tesla shares to an unnamed organisation. The donation was made at the end of 2021.

The Musk Foundation

And now, nearly a year after that, it turns out that the world¡¯s richest person had donated that amount to his own charitable organisation, the Musk Foundation. Guess Musk took the 'charity begins at home' proverb quite seriously.

This $5.7 billion donation has instantly made the Musk Foundation one of the largest ones in the US.

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The Musk Foundation held $9.4 billion in assets at the end of 2021, according to a tax filing. It sent about $160 million to non-profits last year, by far the most Elon Musk has donated from his organisation in a calendar year, as per Bloomberg report.

Largest Gift By Musk

The billionaire¡¯s largest gift during the period was $55 million to the Memphis-based St Jude Children¡¯s Research Hospital, followed by $54 million to the X Prize Foundation, which he partnered with in 2021 to create a prize for carbon removal projects.

Other donations listed in the tax form reportedly show Elon Musk following through on promises to school districts and non-profits in the area around Brownsville, Texas, near his SpaceX spaceport in Boca Chica, Texas.

51 year old Musk currently has a mammoth net worth of $168 billion, according to the Bloomberg Billionaires Index. He relocated his businesses, including Tesla, from California to Texas during the pandemic, also shifting his charitable foundation.

The foundation¡¯s tax forms list Musk, his right-hand man Jared Birchall and Matilda Simon as directors. There are no other employees listed in the filing, as per the report.

The largest foundation in the US remains the Bill and Melinda Gates Foundation, which had assets of almost $55 billion at the end of 2021. It gave out about $6.2 billion in grants last year, according to a spokesperson. Billionaire Warren Buffett has been a regular donator to this foundation.

Also Read: Bill & Melinda Gates Foundation Appoints Indian Philanthropist Ashish Dhawan To Board Of Trustees

More About The Musk Foundation

Founded two decades ago in 2002, the Musk foundation¡¯s grants are made in support of:

- Renewable energy research and advocacy

- Human space exploration research and advocacy

- Pediatric research

- Science and engineering education

- Development of safe artificial intelligence to benefit humanity

Elon Musk Reuters

Earlier this year, several grant recipients said their primary point of contact at the foundation was Igor Kurganov, a professional poker player-turned-philanthropist who is active in the effective altruism space.

The Musk Foundation reportedly sent $4 million to the Future of Life Institute, which focuses on reducing the risks of artificial intelligence and biotechnology, both of which are top priorities for effective altruists. Elon Musk is an adviser at the nonprofit, alongside Morgan Freeman.

Also Read: Burger King Employee Gets Over Rs 1 Crore In Donations

Donation Amid Political Spat Over Inequality

Musk sent $5.7 billion of Tesla shares to charity in November 2021 as he sparred with politicians including Bernie Sanders and Elizabeth Warren over inequality and a proposed wealth tax. He never said where the money had ultimately gone, as per Bloomberg report.

A large gift to charity would have helped reduce what Musk has described as the ¡®biggest tax bill in US history¡¯. Days before he completed a series of stock sales worth more than $16 billion, much of which was to cover the exercise of almost 23 million options, the Tesla CEO had tweeted he would pay more than $11 billion in taxes for the year.

Also Read: Bill Gates Vows To Donate All Wealth & Drop Off From Rich List

For the latest and interesting financial news, keep reading Indiatimes Worth. Click here

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