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Musk Gifts $100M in Tesla Stock to Charity
1 Jan
Summary
- Elon Musk donated nearly $100 million in Tesla shares.
- The donation was made to undisclosed charities for tax planning.
- Musk aims to increase his Tesla control via a new pay package.
Elon Musk began the new year with a substantial charitable gesture, gifting around 210,000 Tesla shares valued at nearly $100 million. These shares were donated to various charities on Tuesday, as detailed in an SEC filing released on Wednesday. The filing indicated this was for "year-end tax planning," and the recipients had no immediate plans to sell the stock.
This generous act occurs as Musk seeks to solidify his influence at Tesla, where he has served as CEO since 2008. He has expressed a desire for greater control, particularly for expanding the company's AI and robotics ventures. A recent shareholder-approved pay package could potentially raise his stake significantly over the next decade.
The donation precedes a crucial week for Tesla, with annual sales figures anticipated on Friday. Notably, the company preemptively shared a pessimistic analyst consensus predicting a second consecutive year of declining sales. Despite this, Tesla has experienced a volatile year, with record stock highs amidst investor enthusiasm for its robotaxi initiatives.
