Elon Musk: Musk donated $5.7 billion worth of shares

Elon Musk, the world’s richest man and CEO of Tesla and SpaceX, has changed his appearance. Yes, according to a report, Danveer donated 5,044,000 shares of his electric car company Tesla in November of last year.

Musk himself divulged the details.

Elon Musk donated these shares between November 19 and November 29, according to the report. Musk was quoted as saying that in November, he donated Tesla Inc. shares worth $5.7 billion to a charity. Tesla disclosed this in its filings with the Securities and Exchange Commission in the United States. However, nothing in the information indicates which organisation received the donation.

At the end of 2021, shares worth crores will be sold.

Elon Musk, for example, sold a large number of Tesla shares in just a few months in 2021. After polling the public on a Twitter poll, he sold shares worth about $16.4 billion. On Twitter, he asked his followers whether he should sell his 10% stake in Tesla. A large number of followers weighed in on this, and the majority voted yes. Elon Musk has a net worth of $227 billion, according to the report.

This is a compelling reason to become a donor.

In the year 2012, the Tesla Company granted Elon Musk a stock option, allowing him to purchase approximately 22.8 million shares of the company for just $ 6.24 per share. Musk had a year, or until 2022, to take advantage of this opportunity. During this time, the capital gain (gain) between the purchase price of all shares and the actual value of the share must be paid as tax, according to US law. In this case, a large number of shares must be sold in order to satisfy the tax liability.

Musk revealed his tax information.

People are now surprised that Elon Musk has made such a large donation. According to experts, if Musk gives Tesla shares as gifts, he may be eligible for a tax break. This is due to the fact that donations to charitable organisations are exempt from capital gains tax. Musk established the Musk Foundation in 2001, which now has over $ 200 million in assets. Musk is the richest man on the planet.

Ritika Kadiya
Ritika Kadiya
As a journalist, Ritika kadiya has contributed to many online publications including the Huffing Post.

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