They say no good deed goes unpunished. Well, let’s hope this one doesn’t backfire as it’s just been revealed Tesla CEO Elon Musk has donated almost $5.7 billion worth of Tesla shares to charity.
A filing to the US Securities and Exchange Commission stated that the shares were gifted between 19 and 29 November 2021.
CNN reports that the charitable giving would make Musk the second-biggest US donor in 2021. Tesla’s CEO trails only Bill Gates and Melinda French Gates, who gave $15 billion last year, in an annual ranking by the Chronicle of Philanthropy.
Although the recipient or recipients of the shares weren’t named, it’s known that Musk has recently established a foundation responsible for making grants in support of causes. These causes include paediatric research and science education.
In the United States, donated shares are not subject to capital gains tax. This means their value can be sued as a deduction to help offset Tesla’s tax bill.
At the time of the donation, Tesla’s stock was trading above the $1 000 mark.
Image credit: Axios