Elon Musk: Why donates $5.7 billion of Tesla’s shares?
Elon Musk, the world’s richest man, donated more than 5 million shares of Tesla from November 19 to Nov. 29, according to a deposit with the Securities and Exchange Commission.
The donations are worth about $5.7 billion, based on average prices in the days he sold the shares, which makes them among the largest in a charity. An unknown trust was involved in the transaction, and the name of the charity was not named in the document.
The donation came at a time when Musk was having a feud with politicians such as Bernie Sanders and Elizabeth Warren over tax and income inequalities. Around the same time, Musk had said he would sell shares if the United Nations could prove how it would help eradicate hunger in the world.
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It was preceded by the position of the head of the organization’s food aid program that billionaires like Musk should “act now, on a one-off basis.”
A large charitable donation last year would help reduce the largest tax bill in U.S. history, as Musk had characterized his tax obligations. The Bloomberg agency estimated in December that Musk could owe more than $10 billion to the tax authorities.