Elon Musk Donates Over $5 Billion in Tesla Stock to Charity
Elon Musk is omnipresent on Twitter, where he does not hesitate to respond to his critics.
But most often he communicates there about his two companies, Tesla (TSLA) – Get Tesla Inc Report and SpaceX. Sometimes he praises the latest product that sets or will set Tesla apart. Sometimes it’s to highlight the space prowess achieved by SpaceX.
When he talks about his wealth, it’s more about taxes — such as when he asked his millions of fans whether he should sell Tesla shares to pay his taxes.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” Musk posted on Twitter on November 6, 2021.
But he rarely talks about his charities.
Musk has donated more than $5 billion of Tesla stock to charity, according to a document filed late Monday with the Securities and Exchange Commission.
The donations were made in November when the stock was well above $1,100. The first donation dates from Nov. 19 and involves more than 2.23 million Tesla shares. That day Tesla’s share price closed at $1,137.06.
The second donation was made on Nov. 22 (1.56 million shares), the third on Nov. 23 (500,000 shares), the fourth on Nov. 24 (500,000 shares) and the last on Nov. 29 (250,000 shares). On that day, Tesla stock was valued at $1,136.99 at the close of Wall Street.
In all, the deals are valued at just over $5.1 billion.
TheStreet RecommendsINVESTINGGMFRIVNGM Wants to Prove It Can Keep Up with Tesla and Ford2 hours agoINVESTINGUBSFYNFTs Sow Discord at French Video Game Publisher Ubisoft5 hours agoINVESTINGBRK.BCVXVBuffett Buys Chevron, Sells Visa and Mastercard in Q45 hours agoThe billionaire does not specify to whom or to which associations or institutions received the shares.
The document just says the shares represent “a bona fide gift of the Issuer’s common stock by the Reporting Person to charity.”
Musk’s net worth, which is mostly tied to his stake in Tesla, is valued at $227 billion as of Feb. 14, according to the Bloomberg Billionaires Index.
His donation represents 2.25% of his immense fortune.
Elon Musk owned 17.69% of Tesla’s as of Dec, 28, according to FacSet.
Musk vs. Elizabeth WarrenMusk is often at the center of the debate over tougher taxes on the wealthy.
He and Sen. Elizabeth Warren (D-Massachusetts), one of the more liberal voices in the Democratic Party, recently had an exchange. The skirmish made headlines in the media.
After Musk was named Time magazine’s Person of the Year last year, Warren unsheathed this: “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”
Musk retorted: “You remind me of when I was a kid and my friend’s angry Mom would just randomly yell at everyone for no reason.”
He dubbed her “Senator Karen” and claimed he was about to have the biggest tax bill in the history of the country.