look news india
Elon Musk, who has achieved fame in the field of high technology products and innovation, is often in the news due to his unique exploits, controversial statements, and social media posts. But this time Musk is making headlines not because of any of his statements or controversies, but for his generosity and good intentions.
Elon Musk has transferred his shares worth $100 million to the Musk Foundation for charity. This move establishes him as a moneylender and tech giant as well as a big philanthropist. Musk has provided this information to America’s securities and stock market regulator, which also gives a glimpse of his transparency.
Donated 5.74 billion dollars in 2021 also
Elon Musk donated 2 lakh 68 thousand shares of Tesla Company to charity in December 2023. At that time the closing price of Tesla shares was $108.2 million. Musk made this move public through a regulatory filing.
Musk’s donation process is not new. In 2021, he gave shares worth $5.74 billion to charity. After this, in 2022, he transferred shares worth $1.95 billion to Musk Foundation. However, Musk never clarified for what purpose these donations would be spent. He also clarified that the shares given to Musk Foundation will not be sold at present.
Tax planning and exemption possibilities
According to the information given to America’s Securities and Exchange Commission, this donation can be a part of annual tax planning. Under US tax rules, such a donation is likely to exempt Elon Musk from tax liability.
Elon and his brother Kimbal Musk founded the Musk Foundation in 2001. This foundation mainly supports many big projects related to social service, research, and advocacy.
Purpose and contribution of Musk Foundation
The Musk Foundation aims to contribute to areas such as social improvement, education, and environmental protection. The foundation works to combat climate change, promote renewable energy, and encourage scientific research.
This step of Elon Musk is an inspiration for those who want to bring positive change in the society. Their generosity proves that people who achieve success in the field of technology also understand their responsibility towards social welfare.