Elon Musk revealed in November that he donated nearly $6 billion worth of Tesla Inc. stock to charity. According to a filing with the Securities and Exchange Commission, the world’s richest man donated more than 5 million shares in the electric automaker between November 19 and November 29.
Based on average prices on the days he sold the stock, the gift was worth about $5.7 billion, making it one of the largest ever given to a charity. The transaction involved an unnamed trust, and the charity’s name was not mentioned in the document.
Musk, Tesla’s CEO, was fighting politicians like Bernie Sanders and Elizabeth Warren over inequality and a potential wealth tax when he made the donation. Around the same time, Musk said he’d sell stock if the UN could show it was helping to end world hunger, after the head of the UN’s food-aid arm suggested billionaires like Musk “step up now, on a one-time basis.”
Last year, Musk made a large donation to charity, which he claimed would help reduce what he claimed would be the largest tax bill in US history. Musk could owe the Internal Revenue Service more than $10 billion, according to Bloomberg, which was triggered by his exercise of an unusually large number of options in 2021.
Musk’s eponymous foundation has gotten more active in recent years, promising large, eight-figure gifts to the city near his South Texas spaceport, a $100 million carbon removal competition, and $5 million to two scientists for Covid-19 research. Previously, his foundation’s largest contributions were to donor-advised funds, or DAFs, which allow charitable funds to be invested indefinitely.
The Musk Foundation has recently added a new face to its board of directors, which previously included Musk’s brother Kimbal. Igor Kurganov, a professional poker player turned philanthropist active in the effective altruism space, is the primary point of contact at the foundation, according to several grant recipients Bloomberg spoke with.
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