In one of the biggest donations in human history. 💰 engineering
Tesla and Elon Musk have hadafter the company's valuation crossed the one trillion mark and Musk's personal worth swelled, resulting in him becoming the richest person in the world. The new riches also attracted the ire of lawmakers in the U.S. who have been working to bring in a"Billionaires Tax" that would be applicable to the less than 1000 people in the country and tax the growth in their personal fortunes, even if they appear only on paper.
Experts on taxation told Reuters that the donation of shares could bring in up to 50 percent savings in payable tax as Musk can avoid capital gains tax as the shares were not sold in the market. The secrecy around the organization that received this stock makes it even more intriguing as Musk is now the second-largest donor in the U.S. after Bill and Melinda Gates, Reuters stated in their report.Musk also runs a charitable foundation in his own name, where his brother Kimbal is the director.
It is also unclear whether the stock was donated outright to the charity or as donor-advised funds , a mechanism that allows funds to be parked in perpetuity with the organization, Bloomberg reported. Interesting Engineering has reached out to Tesla seeking further details and will update this story when a comment is received.
Interestingly, the donation is just a billion dollars short of the amount that the United Nations World Food Programme was seeking to last year. WFP chief David Beasley had even provided a detailed split-up on how the organization would spend the money, as requested by Musk, around the dates Musk made this donation.We can only hope that Musk found a larger cause than this at the unnamed charity to have made this decision.Stay ahead with the latest science, technology and innovation news, for free:
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