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Elon Musk gives nearly $2 billion worth of Tesla shares to charity


Elon Musk gives nearly $2 billion worth of Tesla shares to charity

By Jennifer S Kuwanta

Elon Musk, the CEO of Tesla, has disclosed that he donated approximately $1.95 billion worth of shares of his electric vehicle manufacturer to charity last year.

Despite not naming the recipient or recipients, the donation of 11.6 million shares was described as “a bona fide gift” in a filing with US regulators.

The donation was made between August and December 2022, according to the document filed with the US Securities and Exchange Commission.

Musk has donated Tesla stock to charities previously. In 2021, he gave away shares worth approximately $5.74 billion, according to a regulatory filing.

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He also said on Twitter that year, that he planned to donate $20m to schools in Cameron County and $10m to the city of Brownsville in Texas for “downtown revitalization”.

Also on Wednesday, February 15, Musk said that towards the end of this year would be a “good time” to find someone to succeed him as the chief executive of Twitter.

“I’m guessing probably towards the end of this year would be good timing to find someone else to run the company, because I think it should be in a stable position around, you know, at the end of this year,” he said.

“I think I need to stabilise the organisation and just make sure it’s in a financially healthy place and that the product roadmap is clearly laid out,” he said on a video link at the World Government Summit in Dubai.

The multi-billionaire businessman paid $44 billion last year to acquire Twitter. Later, he said that the business was on the verge of failure.

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