Musk Foundation: Elon Musk, who has gained fame for high technology products and innovation, remains in the news continuously due to his amazing feats and controversial statements or social media posts. This chief of Tesla company has just made headlines again. This time Elon Musk is not being discussed because of any infamy. Rather, people are praising him because of his generosity and good intentions. By donating 100 million dollars, Elon Musk has achieved the title of Tech Giant and Dhankuber as well as Donor. Elon Musk has transferred shares worth $100 million of his company to his Musk Foundation set up for charity. He has given this information to America’s Security and Stock Market Regulator.
5.74 billion dollars were given in 2021
Tesla CEO Elon Musk had donated 2 lakh 68 thousand shares of Tesla company just a few days before the New Year. According to Tesla’s closing stock price at that time, its total value was estimated at $108.2 million. Musk has given this information in the regulatory filing. In 2021, Tesla company’s shares worth $5.74 billion were donated. After this, in 2022 also he transferred shares worth $1.95 billion to Musk Foundation. However, Musk has not told in the regulatory filing what he is going to spend this donation on. Because they are not going to sell these shares given to Musk Foundation at the moment.
You can get exemption under tax planning
This filing with the Securities and Exchange Commission of America is part of the annual tax planning initiative at the end of the year. That means, under the tax rules of America, Elon Musk can get some exemption in tax liability through this. Musk Foundation, established by Elon and Kimbal Musk in 2001, supports many big projects of social service, research and advocacy.
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