Elon Musk donated nearly $2 billion value of Tesla stock to a charity last 12 months, report says

Elon Musk.
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  • A Tuesday SEC filing revealed Elon Musk donated $1.95 billion value of Tesla shares to a charity last 12 months. 
  • The donations were constructed from August to December 2022 in a turbulent 12 months for the EV maker’s stock. 
  • Musk has gifted Tesla shares to charities up to now. In 2021, he gave away 5 million value of stock to an unknown charity.

Elon Musk donated $1.95 billion value of Tesla shares to a charity last 12 months, in keeping with a Securities and Exchange Commission filing

The world’s second richest person gave away about 11.6 million shares from August 12 to December 27 last 12 months, per the filing. It didn’t state which charity organisation Musk gifted the shares to. 

“Represents a bona fide gift of the Issuer’s common stock by the Reporting Person to charity,” the report said. 

The Tesla CEO has made hefty donations to charities up to now. In 2021, Musk handed out greater than 5 million shares within the EV automaker value about $5.7 billion in total, based on average prices of the stock on the time.

Musk made the giveaway just after the United Nations World Food Programme (WFP) gave details of a plan to assist fight world hunger that might cost $6 billion. 

His most up-to-date donation got here at a turbulent time for Tesla stock, where it plunged in value due to the Federal Reserve’s interest-rate hikes, recession fears and Musk’s chaotic $44 billion takeover of Twitter. The stock slumped 65% in 2022, but expectations of rate cuts in the brand new 12 months have significantly boosted its share price to almost wipe out all of last 12 months’s losses. 

Meanwhile, analysts have slammed Musk for using Tesla as his own “ATM machine” to fund his Twitter takeover. At the top of 2022, the tech guru cashed in nearly $40 billion of Tesla stock to cover tax bills and repair debts. 

Tesla didn’t immediately reply to Insider’s request for comment.

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