Elon Musk Made One Of The Biggest Donations: Elon Musk, the world’s richest person, has donated shares worth about $5.7 billion in his company Tesla Inc between November 19 and November 29. Musk has been quoted in the report as saying that he had donated this to a charity. Tesla has made this disclosure in the information given to the US Securities and Exchange Commission.
Elon Musk, the world’s richest man and owner of Tesla and SpaceX company, has got a different look. This is the form of “Danveer,” According to a report, in November last year, he donated 5,044,000 shares of his electric car company Tesla.
Musk himself shared the information.
According to the report, Elon Musk donated these shares between November 19 and November 29. It quoted Musk saying that he donated Tesla Inc. shares worth about $5.7 billion to a charity in November. Tesla has made this disclosure in the information given to the US Securities and Exchange Commission. However, nothing has been told about which organization was donated in the information.
Shares worth crores sold at the end of 2021.
Significantly, in 2021, Elon Musk sold many Tesla shares in just a few months. He sold shares worth about $16.4 billion after asking the public for an opinion on a Twitter poll. He asked his followers on Twitter whether he should sell a 10 percent stake in Tesla or not. Many followers gave their opinion on this, and it was in favor of yes. According to the report, the net worth of Elon Musk is $227 billion.
This is a big reason to become a donor.
Tesla Company gave Elon Musk a stock option in 2012, under which Elon Musk got the option to buy about 22.8 million shares of the company at a price of just $ 6.24 per share. Musk now had a year or until 2022 to capitalize on this option. During this time, under US law, 50 percent of the capital gain (gain) between the purchase price of all shares and the actual value of the share is to be paid as tax. In such a situation, many shares have to be sold to pay this tax liability.
Musk gave tax information.
Now Elon Musk making such a big donation is surprising people. Experts say that if Musk gifts Tesla shares, he could get a tax benefit. This is because donations made to charitable organizations are not subject to capital gains tax. Musk founded the Musk Foundation in 2001, which has assets of more than $ 200 million. Musk is the world’s richest man.
Published by- Aashay Bhujbal
Edited by- Kritika Kashyap
