Elon Musk Donates Over 5 Million Tesla Shares to Charity: It Is Worth $5.7 Billion!

Elon Musk has donated Tesla shares amounting to around $5.7 billion to a charity, according to a U.S. Securities and Exchange Commission filing.

The donation of 5,044,000 shares was gifted last year between November 19 and November 29, based on the filing. However, it did not detail which charity was the recipient of the Tesla shares, according to a CNN Business News report.

The Tesla shares price at the time was above $1,000 per share. The Tesla shares that were donated were worth $5.7 billion based on the average of the highest and lowest quoted price on the date of transaction.

With his latest charity, Musk would make the second-biggest U.S. donor in 2021, trailing behind Bill Gates and Melinda French Gates. The Gates donated $15 billion last year.

CEO Elon Musk Donating Tesla Shares

Musk promised on Twitter last October that he would sell Tesla stock and donate $6 billion to the U.N. World Program if "it can describe on this Twitter thread" how they will solve world hunger with that amount.

Musk added that it should be an open-source accounting for the public to see precisely how the money is spent.

The executive director of the program, David Beasley, responded to Musk's tweet. He then linked a WFP'S plan, appealing to billionaires.

Musk reportedly started transferring shares to a charity the following Friday, according to a Market Watch report.

The WFP spokesman Steve Taravella declined to release any information regarding the donated shares. He said that WFP's practice has always been to leave any disclosure of possible contributions up to donors themselves.

However, Beasley released a statement saying that the group had not received any funds yet. He added that he is excited to hear that the Tesla CEO is engaged.

Meanwhile, Musk did not respond publicly to the November proposal from WFP's Beasley. Instead, he lashed out at Sen. Bernie Sanders about taxes after the independent senator tweeted that people must demand the "extremely wealthy" to pay "their fair share."

Beasley continued to tweet at Musk until December 16.

Elon Musk's Foundation

The Tesla CEO has a foundation that has become more active over the recent years, with eight-figure gifts promised to the city near his South Texas spaceport.

His foundation's largest contribution was to donor-advised funds where charitable money can sit in uncertain periods of time, according to an Aljazeera News report.

The Musk Foundation has recently added a new face to its list. Several grant recipients noted that their primary point of contact at the foundation is Igor Kurganov, a professional poker player-turned philanthropist. He is currently active in the effective altruism space.

Much of Musk's wealth is tied to Tesla as it becomes the world's most valuable automaker in July 2020, overtaking Toyota Motor Corp.

A large donation to the charity would help reduce what Musk has said would be the biggest tax bill in U.S. history.

This article is owned by Latin Post.

Written by Mary Webber

WATCH: Elon Musk SECRETLY Gives Over $5 Billion To CHARITY - from Solving the Money Problem