Elon Musk donated £1.6bn in Tesla stock to charity last year
The tech tycoon is a signatory to the Giving Pledge, a commitment made by some billionaires to give away at least half of their wealth.
Elon Musk donated around $1.95bn (£1.6bn) worth of Tesla stock to charity last year, according to documents filed in the US.
The billionaire gifted about 11.6 million shares between August and December of 2022, the filing with the US Securities and Exchange Commission showed.
It didn't list which organisations were the recipients of the shares.
Musk, currently the world's second richest person, now owns around 13% of the electric car manufacturer.
Analysts have suggested that Musk might benefit from gifting Tesla stock if he donated it to charity, since shares donated to charities do not have to pay capital gains tax, as they would if they were sold.
In 2021 he donated around $5.7bn (£4.7bn) worth of shares.
Musk signed the Giving Pledge in 2012, a commitment by some billionaires to give at least half of their wealth to philanthropy in their lifetime or upon their death.
In 2001, he set up the Musk Foundation, offering grants for the "development of safe artificial intelligence to benefit humanity" among other causes, according to its website.
The Tesla boss has previously pledged to donate around $20m (£16.5m) to schools in Cameron County and $10m (£8.2m) to the city of Brownsville in Texas for "downtown revitalization" after relocating the firm to the state from California in 2021.
The billionaire gifted about 11.6 million shares between August and December of 2022, the filing with the US Securities and Exchange Commission showed.
It didn't list which organisations were the recipients of the shares.
Musk, currently the world's second richest person, now owns around 13% of the electric car manufacturer.
Analysts have suggested that Musk might benefit from gifting Tesla stock if he donated it to charity, since shares donated to charities do not have to pay capital gains tax, as they would if they were sold.
In 2021 he donated around $5.7bn (£4.7bn) worth of shares.
Musk signed the Giving Pledge in 2012, a commitment by some billionaires to give at least half of their wealth to philanthropy in their lifetime or upon their death.
In 2001, he set up the Musk Foundation, offering grants for the "development of safe artificial intelligence to benefit humanity" among other causes, according to its website.
The Tesla boss has previously pledged to donate around $20m (£16.5m) to schools in Cameron County and $10m (£8.2m) to the city of Brownsville in Texas for "downtown revitalization" after relocating the firm to the state from California in 2021.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
