By Abby Schultz
Tesla CEO Elon Musk donated 268,000 shares of Tesla stock valued at nearly $112 million to charity, according to a Dec. 30 regulatory filing.
The transaction was part of Musk's year-end tax planning and represents gifts of common stock to nonprofits that are unknown. The recipients "have no current intention to sell" the shares, the Securities and Exchange Commission filing said.
After the sale, Musk -- the richest man in the world with a net worth exceeding $415 million, according to Bloomberg -- still owns slightly less than 411 million shares of the electric-car maker's stock through his revocable trust established in 2003. In all, Musk held 13% of Tesla shares as of last year, according to a 2024 proxy statement, Bloomberg said.
In addition, Musk, who is also the CEO of privately held SpaceX and social-media platform X -- among other companies -- was awarded 304 million in Tesla stock options in 2018, although that pay package was rejected twice by a Delaware Chancery Court. Tesla shareholders are challenging the latest court ruling.
Musk's mystery gifts are nothing new. In 2022, Musk shed shares valued at $1.95 billion in seven transactions made between August and December, according to Reuters. All were considered gifts to charity. The previous year, he made a $5.7 billion donation of Tesla shares that was revealed in December 2022 to have been donated to his foundation.
Musk's foundation offers scant detail about its mission except to say it makes grants in support of renewable energy, space exploration, pediatric research, science and engineering education, and the development of safe AI "to benefit humanity."
A spokesman for Musk through Tesla wasn't immediately available for comment. Tesla shares closed at $410.44 on Friday, rising 8.22%, after sliding 6% on Thursday on disappointing deliveries figures.
Write to Abby Schultz at abby.schultz@dowjones.com
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(END) Dow Jones Newswires
January 03, 2025 17:43 ET (22:43 GMT)
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