Tesla: Elon Musk is giving away shares worth billions
Created: 02/16/2022, 10:17 am
By: Simon Mones
Elon Musk sold millions of Tesla shares last year.
As an SEC form shows, he has also donated further shares.
Austin (USA) – In the past year, Elon Musk (50) has repeatedly separated from Tesla shares.
As a result, the billionaire took in several billion US dollars.
He had previously voted on the social media platform Twitter.
Musk wanted to use the proceeds to pay his taxes.
But apparently the 50-year-old has sold far more shares than previously known, as reported by 24auto.de.
As can be seen from a form that has now been submitted to the US Securities and Exchange Commission, the Tesla boss has parted with around five million more shares.
However, Musk did not sell it, but donated it to an unnamed charity.
Tesla: Elon Musk is giving away shares worth billions
It is interesting in this context that the Tesla boss started donating the shares to the charity in November.
At the time, Musk said he would sell shares if the United Nations World Food Program (WFP) could show how $6 billion would end world hunger.
Just days later, the WFP chief responded to the billionaire's statements and provided a full statement.
Tesla boss Elon Musk has donated around five million shares. (Iconic image) © Britta Pedersen / dpa
However, it is not known whether the donated shares went to the ÖVP United Nations program.
However, the value of the donation comes very close to six billion US dollars.
Based on Tesla's current price of $875.76 (as of February 15), the shares are worth $4.42 billion.
When Musk donated the first shares in November, the 5.044 million Tesla shares were worth $5.74 billion.
Tesla: 5 million shares donated – does Musk just want to save taxes?
But a connection with the share sales that Musk voted on Twitter cannot be ruled out either.
So the donation could be a trick by the 50-year-old to end up having to pay less tax again.
"His tax benefit would be huge," Bob Lord, of the Institute for Policy Studies, told Reuters.
"He would save anywhere from 40 percent to 50 percent of the $5.7 billion in taxes, depending on whether he can offset the deduction against his California income, and he would avoid the capital gains tax he would have to pay if he sold the shares." *24auto.de is an offer from IPPEN.MEDIA
