California, Europe Brief News – Tesla Chief executive Elon Musk made a donation of more than 5 million Tesla shares to charity in November last year.
Elon Musk donated this huge amount of money after the United Nations World Food Program (WFP) shared instructions on how a $6 Billions can be utilised to help fight world hunger.
Musk Charitable donation was revealed during its filing with the US Securities and Exchange Commission. The filing revealed that he made a charity of total $5.004 Million Tesla shares.
Musk confirmed on twitter that he is set to pay more than $11 billion in taxes just because his exercise of stock option is about to expire soon.
The Experts have confirmed that Musk will get tax benefits for gifting Tesla stock. The shares gifted will not be subject to capital tax gains. It shows he will be having enormous benefit by just gifting shares.
BOB Lord, an Associate fellow at the institute for policy studies said “He would save between 40% and 50% of the $5.7 billion in tax, depending on whether he could take the deduction against his California income and he would avoid the gains tax he would have to pay if he sold the stock”
Musk Foundation
According to the Statistics, this donation of 5 million has made Musk America’s second biggest donor for the last year. Bill gates and Melinda French gates rank first in the donors list.
According to Forbes “ Tesla Owner Musk and Amazon Owner Jeff Bezos have donated less than 1% of their net worth, while Warren Buffett and George Soros had given away more than 20% by early September”.
Musk has been running his Musk foundation which offers donations for the functioning of safe artificial Intelligence to help humanity.
Musk foundation offered a prize of $100 million for someone who comes forward with a plan or invention to help eliminate carbon from the atmosphere. The Musk foundation is keen on providing an eco-friendly atmosphere for People.
Moreover, Musk tweeted last year “ If the United Nations world food program can elaborate how exactly $6 billion will solve world hunger, I will sell Tesla stock right now and do it”.
He even asked his followers on twitter about the right ways to donate so he can really make a difference in the world.
