Canada Global (Web News) Elon Musk, the CEO of Tesla, donated $1.95 billion worth of company stock to charity last year, according to a filing with the U.S. Securities and Exchange Commission (SEC) that was made public on Tuesday.
The most valuable automaker in the world is Tesla.
According to the report, Musk distributed roughly 11.6 million shares between August and December of last year. The statement did not name the recipient organisation or organisations.
Approximately 13% of Tesla is now owned by the second-richest person in the world.
Tesla did not immediately respond to an email asking for information on the charity or nonprofits that received the funds. Musk distributed about $5.74 billion in 2021.
Analysts have indicated that Musk may benefit from giving Tesla stock if he did so because shares donated to charities do not suffer capital gains tax, as they would if they were sold.
Musk joined the Giving Pledge in 2012, which mandates that billionaires give up at least half of their wealth to good causes, either while they are still alive or after they pass away.
In 2001, he established the Musk Foundation, which, according to its website, offers support for a variety of projects, including the “development of safe artificial intelligence to benefit mankind.”