Elon Musk Donates $108.2 Million to Unknown Charities.

Elon Musk Donates $108.2 Million to Unknown Charities.

Elon Musk, the CEO of Tesla, has made a significant contribution of 268,000 shares of Tesla stock, valued at approximately $108.2 million, to various undisclosed charities as part of his year-end tax strategy.

his action continues a pattern of substantial philanthropic efforts by Musk, who donated $1.95 billion in 2022 and $5.74 billion in 2021 to the Musk Foundation, as reported by Reuters.

The Musk Foundation, which Musk manages, focuses on a range of initiatives, including research in renewable energy, human space exploration, pediatric health, science and engineering education, and the promotion of safe artificial intelligence for the benefit of humanity.

While the specific charities receiving this latest donation have not been disclosed, it has been reported that these organizations do not plan to liquidate the donated stock in the near term.

Musk, who owns approximately 12.8% of Tesla and is recognized as the wealthiest individual globally with a net worth of $408.3 billion, has yet to respond to inquiries regarding this donation.

This contribution comes at a time when Tesla is experiencing its first annual sales decline in a decade, with a reported 1.1% decrease in annual sales for 2024.

Following the announcement, Tesla’s stock fell by 6.1%, closing at $379.28, a decline attributed to heightened competition from Chinese manufacturers and a slowdown in global demand for electric vehicles.