Elon Musk donates almost $2bn of Tesla shares to charity

Elon Musk donates almost $2bn of Tesla shares to charity

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Tesla Chief Executive Elon Musk says he donated nearly $1.95bn (£1.6bn) of shares in his electric carmaker last year.

The donation of 11.6 million shares was described as “a genuine gift” in a filing with US regulators.

The filing did not name the recipient, or recipients, of the donation.

Also on Wednesday, Mr. Musk said later this year would be a “good time” to find someone to take over as Twitter’s chief executive.

Documents filed with the US Securities and Exchange Commission show the donations were made between August and December last year.

This isn’t the first time Mr. Musk has given away Tesla stock to charity. He will donate shares worth about $5.74 billion in 2021, according to regulatory filings.

He also said on Twitter that year that he planned to donate $20m to Cameron County schools and $10m to the city of Brownsville, Texas, for “downtown revitalization”.

Mr. Musk has also indicated that he plans to find his successor as chief executive of Twitter by the end of 2023.

“I’m guessing probably towards the end of this year would be good timing to find someone else to run the company, because I think it should be in a stable position around, you know, at the end of this year,” he said.

“I think I need to stabilise the organisation and just make sure it’s in a financially healthy place and that the product roadmap is clearly laid out,” he said on a video link at the World Government Summit in Dubai.

The multi-billionaire businessman bought the social media platform last year for $44bn. He has since said that the company was close to bankruptcy.

However, he has been criticized by some Tesla investors for spending too much of his time trying to turn on Twitter.

In November, while addressing the G20 summit in Bali, Indonesia, Mr. Musk said he is working too much as he juggles his responsibilities at Twitter, Tesla, and his rocket company SpaceX.

“My workload has increased significantly recently,” Mr. Musk said. “I have a lot of work on my plate, that’s for sure,” he said.

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Information Source: BBC

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