Elon Musk donated nearly $2 billion worth of Tesla stock to a charity last year, report says
The world's second richest person gave away about 11.6 million shares from August 12 to December 27 last year, per the filing. It did not state which charity organisation Musk gifted the shares to.
"Represents a bona fide gift of the Issuer's common stock by the Reporting Person to charity," the report said. in the EV automaker worth about $5.7 billion in total, based on average prices of the stock at the time. gave details of a plan to help fight world hunger that would cost $6 billion. His most recent donation came at a turbulent time for Tesla stock, where it plunged in value thanks to the Federal Reserve's interest-rate hikes, recession fears and Musk's chaotic $44 billion takeover of Twitter. The stock slumped 65% in 2022, but expectations of rate cuts in the new year have significantly boosted its share price to nearly wipe out all of last year's losses.
Meanwhile, analysts have slammed Musk for using Tesla as his own"ATM machine" to fund his Twitter takeover. At the end of 2022, the tech guru cashed in nearlyTesla did not immediately respond to Insider's request for comment.
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