The Tesla boss is becoming one of the biggest donors in the world.
(Photo: AP)
Dusseldorf Tesla wasn’t worth a big announcement, in a mandatory notification to the stock exchange supervisory authority there are only a few meager numbers. But they have it all. Elon Musk donated more than five million Tesla shares to charity in November 2021. From the point of view of the recipients, the timing was well chosen. The Tesla course was then 20 percent higher than it is now. In total, Musk’s donation amounts to around 5.7 billion dollars.
The stock exchange announcement does not say who Musk is giving the money to. In the past, the billionaire had repeatedly emphasized that donations should be given as anonymously as possible.
But the donation is also worthwhile for Musk, the 50-year-old can deduct it from his taxes. The entrepreneur sold Tesla shares worth a total of $16 billion last year, and according to Musk’s own estimate, he will pay $11 billion in taxes in 2021.
With the $5.7 billion gift, the Tesla boss has become one of the biggest donors in the world in the past year. Only Bill Gates and his ex-wife Melinda French Gates gave more to charities in the United States, with $15 billion, according to the Chronicle of Philanthropy. Michael Bloomberg, founder of the news service Bloomberg, is in third place with $1.7 billion.
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There are some clues as to where Musk’s billions could go. The Tesla boss founded his own foundation 20 years ago. The organization gives almost no information about itself.
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The website lists just five areas where money is being spent: renewable energy, space exploration, childhood illnesses, education in science and engineering, and the development of artificial intelligence “for the benefit of mankind.”
Focus on artificial intelligence
In 2015, Musk was also one of the initiators for founding the Open AI Foundation. At that time, Silicon Valley giants such as venture capitalist Peter Thiel, LinkedIn founder Reid Hofman and Musk promised a total of one billion dollars for the organization, which wants to bring transparency to the development of artificial intelligence and is also striving for breakthroughs in this area. “Our goal is to create value for everyone, not just shareholders,” the website reads.
On one occasion, however, Musk revealed exactly where his money goes. Just under a year ago, the entrepreneur tweeted that he was giving $20 million to select schools in Texas and $10 million to a city in the state to revitalize downtown.
With the donation, Musk wanted to recommend himself in his new home. Tesla and Musk officially relocated from California to Texas in 2021. The electric car maker is now based in the capital Austin. There, the influx is also seen critically, the residents worry about rising rents and other problems that plague Silicon Valley.
The new Tesla plant was built near Austin and, like the one in Grünheide near Berlin, is scheduled to go into operation this quarter. Initially, the crossover SUV Model Y will be manufactured in both plants. In the mandatory disclosure, Musk also lists the factory as an address: c/o Tesla, 13101 Tesla Road, Austin, TX.
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