Elon Musk, the billionaire CEO of Tesla, recently made a huge donation to charity—268,000 Tesla shares worth nearly $112 million. This generous gift was part of Musk’s year-end tax planning and was given to a few unnamed charities, according to a recent filing.
This isn’t the first time Musk has made such a significant donation. In 2021, he gifted $5.7 billion in Tesla shares to charities, which eventually went to his own nonprofit, the Musk Foundation.
The Musk Foundation, which had $9.5 billion in assets last year, has been making waves with its record-breaking donations. In 2023, it gave away $237 million, mostly to other organizations tied to Musk.
While nonprofits in the U.S. are required to donate or use 5% of their assets annually, Musk’s foundation has sometimes fallen short of this goal. But that doesn’t seem to slow down Musk’s charitable efforts.
It’s clear that Musk is passionate about his philanthropy, and his year-end gift is just one more example of how he’s using his wealth to make a difference.
