According to a regulatory filing published on Tuesday, Tesla’s chief executive and the world’s second-richest person, Elon Musk, donated $1.9 billion worth of Tesla shares to an undisclosed charity last year.
Musk’s current net worth, estimated at $194 billion by Forbes, represents a staggering amount of wealth.
He now owns approximately 13% of Tesla, which is still a considerable amount.
The 11.6 million gifted shares were donated to the charity during the second half of 2022, with the majority of them being given away in December of that year. The shares gifted in December alone made up for almost 70% of the entire donation.
Alongside his generous donation, Musk also sold at least $22 billion worth of shares last year. The donation of Tesla shares to charity will assist in reducing the taxes he owes on the profits made from selling those shares.
The Tesla CEO sold 7.9 million shares worth $6.9 billion in August 2022, followed by 19.5 million shares worth $3.9 billion in November 2022, and finally, he sold another 22 million shares worth $3.6 billion in December 2022.
In 2021, Musk gave away five million Tesla shares worth $5.7 billion to charity, which was also a remarkable gesture of kindness.
Musk has yet to disclose which charities received the donation, and he has not provided any comments on the matter.
Tesla’s stock experienced a turbulent year, with a crash in December that wiped out nearly $900 billion in market valuation.
Although the stock has increased in value by almost double since the beginning of the year, the share price is still down 32% from a year ago.
The act of philanthropy has always been a part of Elon Musk’s life.
In 2012, he signed the Giving Pledge, promising to donate the majority of his wealth to charitable causes.
Musk has donated millions to various causes, including education, scientific research, and environmental preservation.
He has also expressed a desire to donate $100 million to support carbon capture technologies, which will help combat climate change.