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.
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