Elon Musk, the billionaire CEO of Tesla and SpaceX, made a significant charitable donation in the final days of 2024.
On December 30, 2024, Musk gifted 268,000 shares of Tesla Inc. to charities valued at approximately $112 million.
This generous donation is not unusual for Musk, who has previously made similar large gifts of Tesla shares.
For instance, at the end of 2021, he donated $5.7 billion worth of Tesla shares to unnamed charities.
Musk’s charitable giving often involves substantial donations to his own foundation, the Musk Foundation.
In 2023, the foundation had $9.5 billion in assets and distributed a record $237 million in gifts.
Such large donations can have significant tax benefits for wealthy individuals like Musk.
By donating shares of Tesla, whose stock price has grown substantially in recent years, Musk can potentially claim a tax deduction based on the value of the stock while avoiding capital gains taxes.
While the charities benefiting from this $112 million gift remain undisclosed, it represents a substantial contribution to philanthropic causes, regardless of the underlying motivations or tax implications.
It’s worth noting that Musk’s approach to philanthropy often involves donating to his own foundation or to causes aligned with his business interests.
For example, he has made substantial donations to areas near SpaceX facilities and educational initiatives that could benefit his companies.
While the $112 million gift is substantial, it represents a smaller fraction of Musk’s net worth compared to his more significant donations.
As of early 2025, Musk’s net worth is estimated to be over $200 billion, making this recent gift less than 0.1% of his wealth.