Elon Musk donates approximately $5.7 billion in Tesla stock to charity

Elon Musk is donating a large sum of money- Image Credit

According to a regulatory filing, Tesla CEO Elon Musk donated over 5 million shares of company stock valued at approximately $5.7 billion to an unknown charity in November.

The shares were donated between November 19 and November 29, according to a filing with the U.S. Securities and Exchange Commission.

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 organization could explain how the money would be used to reduce 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 organization had yet to hear from Musk. "There are millions of people on the verge of hunger around the world." It's unclear whether WFP will receive any of this money, but I'm thrilled to know Elon is engaged. In a statement sent by a spokeswoman, Beasley stated, "This is an incredible and excellent first step."

A message was left for Tesla on Tuesday, requesting a response.

Musk said in a separate filing that as of Dec. 31, he owned 231.7 million shares of Tesla's stock, representing about 21.2 % 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 financial compensation. 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.

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