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Musk’s Year-End $112 Million Donation: Strategic Move or Generosity?

Daniel Kim Views  

Elon Musk, the CEO of Tesla and currently the world’s wealthiest individual as of 2024, has donated $112 million worth of stock to an undisclosed organization just before the end of last year.

Bloomberg reported on Thursday that Musk filed a disclosure with securities regulators on December 30, revealing the donation of 268,000 Tesla shares to an anonymous charitable organization. The donation was valued at $112 million based on Tesla’s stock price. However, due to a significant drop in share value, it is now worth approximately $108.2 million.

Industry analysts suggest this year-end donation could be a strategic move for tax benefits—a practice Musk has employed in the past. In late 2021, he donated Tesla shares worth $5.74 billion to an unnamed charity, followed by another donation of $1.95 billion in Tesla stock at the end of 2022. The 2021 donation was confirmed to have involved funds from the Musk Foundation, a nonprofit organization Musk runs.

According to the Bloomberg Billionaires Index, Musk’s net worth is $432 billion, securing his position as the world’s richest person. As of last year, the Musk Foundation had assets of $9.5 billion and made donations totaling $237 million. Bloomberg reports that most of these donations were directed to other entities under Musk’s control.

Under U.S. regulations, nonprofit organizations must donate or utilize an average of 5% of their assets annually. However, reports indicate that the Musk Foundation has failed to meet this requirement multiple times. Musk’s representatives have not responded to media inquiries regarding these recent donations.

Daniel Kim
content@viewusglobal.com

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