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Tesla CEO Elon Musk donated 268,000 Tesla shares to undisclosed charities shortly before the new year, as per regulatory filing. The donation was valued at around $108.2 million, based on Tesla's closing stock price at the time.
This contribution continues Musk's trend of making substantial year-end donations. In 2022, he donated Tesla shares worth $1.95 billion, and in 2021, he contributed approximately $5.
74 billion to the Musk Foundation, his nonprofit organization. According to the filing with the Securities and Exchange Commission (SEC), the shares were donated as part of Elon Musk 's "year-end tax planning" to unspecified charities. The filing noted that these charities, which were not named, currently have no plans to sell the donated stock.
Founded in 2001 by Elon and Kimbal Musk, the Musk Foundation supports several philanthropic initiatives, including - Renewable energy research and advocacy, Human space exploration research and advocacy, Pediatric research, Science and engineering education and Development of safe artificial intelligence to benefit humanity. Following this latest donation, Musk retained about 12.8% ownership of Tesla.
His net worth was estimated at $408.3 billion, securing his position as the world's wealthiest individual, according to Forbes. The filing did not disclose the specific charities that received the donation but noted that they currently do not plan to sell the donated shares.
Tesla sales After news of Musk's donation and Tesla's first annual sales decline in ten years, the company's stock saw a significant drop. On January 2, 2025, Tesla's shares fell 6.1%, closing at $379.
28. This decline occurred amid a wider market downturn, with stocks sliding and the dollar reaching its highest level in two years. Tesla's annual sales in 2024 dropped by 1.
1%, with the company delivering 1.79 million vehicles, falling short of Wall Street's projections. The decrease has been linked to intensifying competition from Chinese competitors such as BYD and a slowdown in global demand.
Elon Musk has not made any public statements regarding this recent donation..
