Elon Musk donated £1.6bn of Tesla shares to charity last year US News

Elon Musk donated Tesla shares worth around $1.95bn (£1.6bn) to charity last year, according to documents filed in the US.

SEC filings show the billionaire gifted about 11.6 million shares between August and December 2022.

It did not list which organizations were recipients of the shares.

muskThe world’s second-richest man now owns about 13 percent of the electric car maker.

Analysts think Musk could benefit from the gift-giving tesla If he donates it to charity, he can buy the stock, as shares donated to charity are not subject to capital gains tax, just like selling the stock.

In 2021, he has donated shares worth around $5.7bn (£4.7bn).

Musk signed the Giving Pledge in 2012, in which some billionaires pledge to donate at least half of their wealth to philanthropic causes during their lifetime or after their death.

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In 2001, he established the Musk Foundation to fund causes such as “developing safe artificial intelligence for the benefit of humanity,” according to its website.

The Tesla boss has previously pledged to donate around $20m (£16.5m) to schools in Cameron County and Brownsville, Texas, after moving the company to the state from California. $10m (£8.2m) for “city center revitalization” 2021.

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