The identity of the 2021 recipient of Elon Musk’s $5.7 billion donation has been revealed. Bloomberg used a tax file received from the Internal Revenue Service to support their claim that Musk donated the money to his own charitable foundation. In November of 2021, Musk donated more than 5 million Tesla TSLA, -4.09% shares to a nonprofit.
The charity was not specified in the SEC report, but the money was clearly designated for a good cause. Bloomberg reports that it was donated to Musk’s private philanthropic foundation, the Musk Foundation, which he established in 2002.
According to Bloomberg, in 2018, the Musk Foundation gave the most money to St. Jude Children’s Research Hospital (at $55 million) and the X Prize Foundation (at $54 million), which is associated with a competition Musk launched to award a team with a $100 million prize for developing a solution to permanently remove carbon dioxide from the atmosphere.
On Monday, Musk was passed by Jeff Bezos as the wealthiest person in the world, but he is still worth an estimated $177.5 billion. Musk made a public commitment to donate most of his fortune during his lifetime or after his death by signing the Giving Pledge in 2012.
Although he periodically tweets about his charitable contributions, Musk is much more reserved in publicizing his philanthropy than other billionaires. In 2021, he engaged in a public argument with the director of the United Nations World Food Program, during which he reportedly offered to donate $6 billion to fight hunger provided the director of the World Food Program could “explain on this Twitter thread exactly how $6B will eliminate world hunger.”
This led some to suspect that Musk had donated billions to the anti-hunger group in the weeks leading up to the SEC filing disclosing Musk’s $5.7 billion to charity. Unfortunately, it seems that is not the case. Earlier this year, the World Food Programme refused to comment, and on Tuesday, a representative from the organization could not be reached for comment.
Musk, who is the owner of Twitter in addition to having co-founded Tesla and SpaceX, said earlier this year that he viewed his companies as a sort of philanthropy since they serve a higher purpose of bettering the lives of people everywhere.
You can play Cyberpunk, Elden Ring and 1000s of other games in your *car* with an epic sound system!! https://t.co/F25Qu6HJ63
— Elon Musk (@elonmusk) December 14, 2022
Musk told TED Talks’ Chris Anderson that his four companies—SpaceX, Tesla, Neuralink, and The Boring Company—are all charitable endeavors. They are the embodiment of philanthropy if, indeed, love of humanity is the defining characteristic of a generous person. The development of renewable energy is being boosted by Tesla.
The charity works like this. With the help of multi-planet species, SpaceX is working to assure humanity’s continued existence in the far future. This is what it means to love one’s, fellow man. There is very little information available online about the Musk Foundation.
It claims to fund projects in areas such as renewable energy, space exploration, pediatrics, STEM education, and the creation of safe artificial intelligence for human use. Stocks of Tesla have been decimated this year. Compared to the 6% decrease in the Dow Jones Industrial Average DJIA, +0.30%, and the 15% decline in the S&P 500 SPX, +0.73%, they are down 54% since the beginning of the year.
Elon Musk‘s $5.7 billion donation will go to an organization, and that organization’s name has been announced for the year 2021. To back up their argument that Musk sent the money to his own foundation, Bloomberg cited an IRS tax filing. Musk gave away more than five million Tesla TSLA, -4.09% shares to a charity in November of 2021.
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