Elon Musk donates $5.7 billion worth of Tesla stock to charity

According to a regulatory filing, Tesla CEO Elon Musk donated around 5 million shares of company stock worth $5.7 billion to an unnamed charity in November.

According to a statement with the US Securities and Exchange Commission, the shares were donated between November 19 and November 29.

Musk, the world’s richest man, tweeted in late October that he would sell $6 billion in Tesla stock and donate the proceeds to the UN World Food Program if the organisation could explain how the money would be used to alleviate world hunger. However, the donation’s receivers were not named in the document.

WFP executive director David Beasley said in a statement Tuesday that the organisation had yet to hear from Musk. “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.

Tesla was contacted on Tuesday and asked for comment.

Musk revealed in a separate filing that as of Dec. 31, he owned 231.7 million shares of Tesla’s stock, accounting for 21.2 percent of the company’s entire value. Musk’s trust owns 172.6 million shares, with options to buy another 59.1 million shares within 60 days of Dec. 31, 2021.

Musk began selling shares last November, claiming on Twitter that the proceeds would be used to satisfy his tax obligations on stock options that are part of his all-stock compensation package. Analysts estimate that he owes $10 billion to $15 billion in taxes.

He has sold almost 15 million shares worth around $16.4 billion so far. Musk had announced on Twitter that he would sell 10% of his company’s stock. Musk is close to selling 10% of his stock with the sales in late December.