15 Feb 2022
Elon Musk Donates More than $5.7 Billion in Tesla Shares to Charity
The Index Today
Tesla’s CEO Elon Musk made a donation of over $5.7 billion worth of Tesla shares to an unnamed charitable organization in November of last year.
Experts have pointed out that the 5,044,000 Tesla share-donation could be beneficial for the billionaire entrepreneur because it would afford him tax exemptions as charitable donations are not liable to taxes.
As per Bob Lord of the Institute of Policy Studies, Musk would “save between 40% and 50% of the $5.7 billion in tax, depending on whether he could take the deduction against his California income and he'd avoid the gains tax he would have to pay if he sold the stock." He also confirmed that the Tesla Chief’s “tax benefit would be huge.”
Although his charitable organization, the Musk Foundation, has been regarded as the second-largest one in America, Elon Musk has only donated less than 1% of his net worth till date.