Elon Musk reportedly gave his Musk Foundation charity $5.7 billion of the mysterious $5.7 Billion donation he made last year.

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Bloomberg reported that Elon Musk donated $5.7 billion worth of Tesla shares to his charity foundation in 2017.

Bloomberg reported Monday that Elon Musk made a $5.7 billion mystery gift to the Musk Foundation in 2021.

In a regulatory filing to the Securities and Exchange Commission (SEC), it was revealed that Musk had given away over 5 million Tesla shares between November 2021 and November 2021. The donation was made by Musk just days after the United Nations World Food Programme highlighted how $6 billion of Musk’s wealth could be used to fight hunger around the world. However, the filing didn’t specify the name or charity that received Musk’s gift.

Bloomberg reported that the Musk Foundation had approximately $9.4 billion of assets by the end last year. Bloomberg cited a tax filing Bloomberg had obtained.

Musk didn’t respond to an Insider request for comment before publication.

Bloomberg reports that the foundation distributed $160 million in 2012, its largest ever. The charity donated $55 million to St. Jude Children’s Research Hospital, and $54 million to X Prize Foundation. Musk also pledged $50 million to SpaceX’s fundraising for St. Jude Children’s Research Hospital and partnered up with X Prize for its $100 million carbon removal award.

According to the publication, other Musk Foundation donations were directed at schools and non-profits in the areas surrounding SpaceX’s Starbase in Boca Chica in Texas. The Future of Life Institute was also given $4 million by the Musk Foundation. This nonprofit is dedicated to addressing “existential risks facing humanity” and artificial intelligence, an issue Musk expressed concern about in the past.

Bloomberg reports that the charity of billionaire Musk only lists three employees on its tax form: Musk and righthand man Jared Birchall. Matilda Simon is not listed. The publication said that several grant recipients claimed Igor Kurganov, a former professional poker player, was their main contact at the Musk Foundation. The Wall Street Journal reported that Kurganov was a key advisor to Musk during the pandemic. He suggested that Musk use “effective altruism” to give away his wealth. This strategy was heavily promoted by Sam Bankman-Fried (FTX founder), who was recently arrested and charged by US authorities with fraud.

In 2002, the Musk Foundation was founded by Tesla CEO and his brother Kimbal Musk. According to its website, the organization has donated to everything from solar energy systems, space exploration, education, and pediatrics. Musk committed to The Giving Pledge in 2012, which was initiated by Warren Buffett, Melinda French Gates and Bill Gates to encourage billionaires who have a lot to give to charity.

Bloomberg’s complete report is available on its website.

Business Insider has the original article.
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By: gkay@insider.com (Grace Kay)
Title: Elon Musk’s mysterious $5.7 billion donation last year reportedly went to his Musk Foundation charity
Sourced From: www.businessinsider.com/elon-musk-mysterious-charity-donation-went-to-musk-foundation-report-2022-12
Published Date: Tue, 13 Dec 2022 18:21:23 +0000