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Elon Musk donated $1.95 billion of Tesla shares last year
Elon Musk
Elon Musk donated $1.95 billion worth of Tesla shares (Rs 195 crore) last year, a filing with the US Securities and Exchange Commission (SEC) showed.
Elon Musk is the second richest person today, and it's no secret that most of his wealth is tied up in his shares in Tesla. According to a Reuters report, the billionaire donated $1.95 billion worth of Tesla shares (Rs 195 crore) last year, a filing with the US Securities and Exchange Commission (SEC) showed.
Although the filing did not divulge details about who received these donations, the report states that Musk donated around 11.6 million shares between August and December 2022.
Musk could benefit from Tesla stock donation
The Reuters report also claims that some analysts have said how Musk will benefit from donating Tesla stock to charity. This is because shares donated to charity do not attract capital gains tax, which would have to be paid if these shares were sold. Musk was invested in the company in its early days and owned about 13 per cent of Tesla.
Last year, Musk also bought Twitter in a highly publicized deal valued at $44 billion. Musk sold many of his Tesla shares after the Twitter deal was completed. Musk sold a combined $15.4 billion worth of Tesla shares in April and August 2022. At the time, he said, "no additional sales planned." However, in November 2022, Musk sold another 19.5 million Tesla shares worth about $4 billion. "Billionaire entrepreneur and Twitter's new owner Elon Musk sells 19.5 million Tesla shares, a SEC filing shows," a Reuters tweet said.
Meanwhile, Tesla shares began to plummet in 2022 and hit their most significant annual drop the same year. In such turbulent times, Musk reportedly emailed all Tesla employees telling them not to worry about "stock market madness."
Musk got recognized by the Guinness Book of World Records
Musk's loss of personal fortune was also record-breaking. The business mogul's wealth dropped by a whopping $200 billion after he bought Twitter. Thus, he became the first person to lose such a massive amount.
Following this, Musk was recognized by Guinness World Records for breaking the world record for the largest amount of money lost in history. A press release from the organization confirmed the same, stating that "Elon Musk has officially broken the world record for the largest loss of personal fortune in history."
