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Elon Musk gives USD5.7B in Tesla stock to charity

DETROIT (AP) – Tesla Chief Executive Officer (CEO) Elon Musk donated about five million shares of company stock worth roughly USD5.7 billion to an unidentified charity in November, according to a regulatory filing.

The shares were donated from November 19 to November 29, the filing with the United States (US) Securities and Exchange Commission (SEC) said.

In late October, Musk, the world’s richest man, tweeted that he would sell USD6 billion in Tesla stock and give the money to the United Nations (UN) World Food Program (WFP) if the organisation would describe how the money would solve world hunger. But the filing did not name any recipients for the donation.

WFP Executive Director David Beasley said in a statement on Tuesday that the organisation hasn’t received anything from Musk yet. “There are millions of people around the world on the brink of starvation. Whether WFP receives any of this money is yet to be seen, but I am excited to hear that Elon is engaged. This is an amazing and great first step,” Beasley said in a statement sent by a spokesman.

In a separate filing, Musk reported that as of December 31, he holds 231.7 million shares of the electric vehicle and solar panel maker’s stock, or 21.2 per cent of the company’s total value. The amount includes 172.6 million shares held by Musk’s trust and options to buy another 59.1 million shares within 60 days of December 31, 2021.

Last November, Musk began selling shares, which he said on Twitter would go to pay for his tax obligations on stock options that are part of his all-stock compensation package.

Analysts estimated his tax obligation at USD10 billion to USD15 billion.

So far he has sold more than 15 million shares worth roughly USD16.4 billion. Musk had written on Twitter that he would sell 10 per cent of his stake in the company. With the sales in late December, Musk is close to selling 10 per cent.

Elon Musk leaves the Justice Centre in Wilmington, Delaware. PHOTO: AP
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