Elon Musk gifted approximately 210,000 Tesla shares, valued at nearly $100 million, to undisclosed charities as part of year-end tax planning. An SEC filing revealed the donation occurred on Tuesday, with the charities stating no current intention to sell the shares. This move comes amid Musk's efforts to increase his control over Tesla for its AI and robotics ambitions.
Elon Musk, the CEO of Tesla, donated around 210,000 shares of the electric vehicle company, worth nearly $100 million, to unnamed charities on Tuesday. The transaction was detailed in a filing with the US Securities and Exchange Commission (SEC) released on Wednesday, linking it explicitly to "year-end tax planning."
The filing noted that the recipient charities "had no current intention" to sell the donated shares. Neither Musk nor Tesla responded to requests for comment on the matter. At $619 billion, Musk's net worth—per the Bloomberg Billionaires Index—dwarfs this gift, representing a small fraction of his fortune.
This philanthropy unfolds against Musk's push for greater influence at Tesla, where he has served as CEO since 2008. Throughout the year, Musk has voiced concerns over his voting power, stating in January that he would not expand Tesla's AI and robotics initiatives without at least 25% control. In October, he told investors he was reluctant to develop a "robot army" at Tesla if he risked being ousted as CEO.
Shareholders approved Musk's expansive new compensation package in November, potentially worth up to $1 trillion if Tesla achieves certain milestones over the next decade. This could elevate his stake from 13% to nearly 29%, aligning with his vision for the company's future.
The donation precedes a key moment for Tesla, with annual sales figures due on Friday. The company issued a cautious analyst consensus on Monday, projecting a second consecutive yearly sales decline, amid challenges in markets like China and Europe, despite stock highs driven by robotaxi enthusiasm.
