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Elon Musk donated almost $2 billion truly worth of Tesla stock to a charity final 12 months, report states

Bynewsmagzines

Feb 15, 2023
Elon Musk donated nearly $2 billion worth of Tesla stock to a charity last year, report says



Elon Musk.
Maja Hitij/Getty Photos
  • A Tuesday SEC submitting disclosed Elon Musk donated $1.95 billion worth of Tesla shares to a charity very last yr. 
  • The donations were built from August to December 2022 in a turbulent year for the EV maker’s inventory. 
  • Musk has gifted Tesla shares to charities in the past. In 2021, he gave away 5 million worthy of of inventory to an mysterious charity.

Elon Musk donated $1.95 billion worthy of of Tesla shares to a charity previous yr, according to a Securities and Exchange Commission submitting. 

The world’s 2nd richest human being gave absent about 11.6 million shares from August 12 to December 27 very last yr, for each the submitting. It did not state which charity organisation Musk gifted the shares to. 

“Signifies a bona fide gift of the Issuer’s popular inventory by the Reporting Human being to charity,” the report claimed. 

The Tesla CEO has created hefty donations to charities in the past. In 2021, Musk handed out extra than 5 million shares in the EV automaker well worth about $5.7 billion in complete, based on typical rates of the inventory at the time.

Musk created the giveaway just immediately after the United Nations Globe Food items Programme (WFP) gave facts of a system to enable battle entire world hunger that would price tag $6 billion. 

His most latest donation arrived at a turbulent time for Tesla inventory, in which it plunged in benefit many thanks to the Federal Reserve’s interest-level hikes, recession fears and Musk’s chaotic $44 billion takeover of Twitter. The inventory slumped 65% in 2022, but expectations of price cuts in the new calendar year have substantially boosted its share price to almost wipe out all of past year’s losses. 

Meanwhile, analysts have slammed Musk for working with Tesla as his very own “ATM equipment” to fund his Twitter takeover. At the conclude of 2022, the tech guru cashed in almost $40 billion of Tesla stock to protect tax expenditures and assistance money owed. 

Tesla did not right away react to Insider’s ask for for remark.

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