Elon Musk donated $5.7 billion of Tesla shares to charity

Elon Musk donated $5.7 billion of Tesla shares to charity

Bloomberg: Elon Musk gifted almost $6 billion worth of Tesla Inc. stock to charity late last year in one of the largest philanthropic donations in history.

The world’s richest man donated more than 5 million shares in the electric-car maker from Nov. 19 to Nov. 29, according to a filing with the Securities and Exchange Commission. The gift was worth about $5.7 billion, based on average prices the days he sold the securities. The filing doesn’t name the charity and shows an unidentified trust was involved in the transaction.

The donation occurred as Musk, Tesla’s chief executive officer, sparred with politicians including Bernie Sanders and Elizabeth Warren over inequality and a proposed wealth tax. In the weeks leading up to the gift, Musk suggested he’d sell stock if the United Nations proved $6 billion would help solve world hunger, after the head of the organization’s World Food Programme called for billionaires like Musk to “step up.”