INTERNATIONAL MARKETS: Elon Musk, the CEO of Tesla, donated shares in the most valuable automaker in the world worth USD 1.95 billion to charity last year, according to a filing with the U.S. Securities and Exchange Commission (SEC), which was made public on Tuesday.
According to the filing, Musk gave out around 11.6 million shares between August and December of last year. The statement did not specify which organisation or organisations were the beneficiaries.
Currently, the second-richest person in the world own 13% or so of Tesla.
In 2021, Musk gave out around $5.74 billion.
Since shares donated to charities do not incur capital gains tax, as they would if they were sold, analysts have suggested that Musk may benefit from gifting Tesla stock if he did so.
In 2012, Musk signed the Giving Pledge, which calls for billionaires to donate at least half of their wealth to charitable causes during their lifetimes or after they pass away.
Analysts claimed that Musk might refrain from giving away Tesla shares if he donated the company to a charitable organisation because shares donated to charitable organisations are not subject to capital gains tax, unlike shares that are sold.
According to its website, he founded the nan Musk Foundation in 2001, which provides funding for nan "creation of safe artificial intelligence to use humans" among other purposes.
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