Elon Musk Donates N2.3 Trillion Worth of Tesla Shares to Charity
- The world's richest man, Elon Musk has given about 5,044,000 worth about over N2 trillion to charity
- The Tesla owner gave the shares towards the end of last year, between November and December and the recipients were not named
- The director of the World Food Programme (WFP), David Beasley openly challenged Elon Musk to help end world hunger by donating to charitable causes
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Tesla owner, Elon Musk has gifted about N2.365 trillion worth of shares of Tesla to charity, stock filing on Monday, February 14, 2022 says.
CNN says the donation of 5,044,000 shares was made known to the US Securities and Exchange Commission. The shares were given in 2021 from November 19 and December 29. The filing did not name the recipient of the shares.
Source: Getty Images
Biggest donor in the US after the Gates
The stocks of the electric carmaker, Tesla were selling above N415,000 per share at the time of the donation. They were cumulatively worth N2.365 trillion based on the average of the highest and lowest quoted price on the date of the transaction.
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The generous deed makes Elon Musk the second-biggest US donor last year.
The tech titan is only trailing Bill Gates and his estranged wife, Melinda French Gates, who gave N6,225 trillion in a yearly ranking by Chronicle of Philanthropy.
Charity giving used to get tax waiver
According to Securities filings in the past, Musk traded shares worth over N6,640 trillion in the last two months of last year. Most of the proceeds were used to pay an estimated N4.565 trillion in the federal tax bills, almost half of Nigeria’s 2021 budget.
Donated shares could be used as a deduction to help compensate for the tax bills.
The world’s richest man was challenged last year by UN World Food Programme Director, David Beasley to make a donation that would help solve world hunger.
Elon Musk pays almost half of Nigeria’s 2021 budget in Taxes
Legit.ng has reported that SpaceX and Tesla founder, Elon Musk is set to pay about N4.5 trillion ($11 billion) in taxes to the U.S. Internal Revenue Service (IRS) which is almost half of Nigeria’s 2021 budget at N14.7 trillion ($35.66 billion).
Musk revealed this in a tweet where he said he will be paying the said amount in 2021 after selling 10 per cent of his shares in Tesla. This may be a record amount paid to the IRS, according to a report by CNBC
The billionaire businessman may owe more than N4.5 trillion in taxes. Musk exercised almost 15 million options and sold millions of shares to cover taxes related to the transactions which resulted in a high tax levy.
Source: Legit.ng
