Tesla CEO Elon Musk has donated about $5.7 billion in shares of the electric carmaker to charity.
The donation of 5,044,000 shares was revealed last Monday (14) in a document to the US Securities and Exchange Commission. The shares were donated last year between November 19 and 29, according to the document, which did not name the recipient or recipients of the shares.
Tesla stock was trading above $1,000 per share at the time of the donations. The donated shares were worth $5.7 billion based on the average of the highest and lowest quoted price on the date of the transaction.
The charitable donation would make Musk the second-largest US donor in 2021. The Tesla CEO is second only to Bill Gates and Melinda French Gates, who donated $15 billion last year, in an annual ranking by the Chronicle of Philanthropy.
Past securities filings show that Musk sold Tesla shares worth more than $16 billion in the final two months of 2021, with most of the profits going to pay about $11 billion in US federal taxes.
Donated shares are not subject to capital gains tax and their value can be used as a deduction to help offset the tax bill.
Tesla did not immediately respond when asked for more details about the donated shares. Musk has established a foundation that makes donations in support of causes including pediatric research and science education, but few details are available on his basic website.
Musk, the richest man in the world, was challenged last year by the director of the UN World Food Program (WFP) to make a donation that would help solve world hunger.
“If the WFP can describe in this Twitter thread exactly how $6 billion will solve world hunger, I will sell Tesla stock now and do it,” Musk wrote on Twitter in October.
The World Food Program responded with a plan. The organization did not immediately respond on Tuesday when asked if Musk made a donation to the organization.
Source: CNN Brasil
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