Elon Musk donates Tesla shares worth $112 million: Tax planning or philanthropy?

Tesla CEO Elon Musk donated 268,000 Tesla shares, equivalent to about $112 million, to charity, as per a regulatory filing dated December 30. This is not the first time Musk has made such a large donation. In 2022, he donated Tesla shares worth $1.95 billion, and in 2021 he donated shares worth $5.7 billion, which was later revealed to be to his own foundation.

What is the purpose of the donation?

According to the SEC (Securities and Exchange Commission) filing, these shares are part of Musk’s “year-end tax planning.” The filing also stated that these shares have been given to charities that do not yet have any plans to sell them. However, the names of those charities have not been disclosed.

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