Sunday, September 25, 2022
HomeDigit NewsElon Musk news: Elon Musk becomes a hero to save taxes! Donated...

Elon Musk news: Elon Musk becomes a hero to save taxes! Donated $5.7 billion shares

Highlights

  • Elon Musk donated 5,044,000 shares of Tesla
  • Then the total value of these shares was $5.74 billion.
  • Musk made this donation between November 19 and 29.
  • Tesla is the world’s most valuable auto company

New Delhi: The world’s biggest rich Elon Musk donated a total of 5,044,000 shares of his electric car company Tesla in November last year. Musk made this donation between November 19 and 29. Tesla is the world’s most valuable auto company and at that time, according to the company’s share price, this amount works out to $5.74 billion.

According to Reuters, Tesla has given this information to the US Securities and Exchange Commission. However, it has not been disclosed to which organization Musk has donated this. He sold shares worth $16.4 billion at the end of last year. For this, he also conducted a poll on Twitter and asked his followers whether he should sell 10 percent stake in Tesla or not. He had also said that whatever the result of this poll, he has to sell the shares.

Trying to save tax
Musk said last year that he has to pay more than $11 billion in taxes in 2021. Experts say that if Musk gifts Tesla shares, he may get tax benefits from it. This is because donations made to charitable organizations are not subject to capital gains tax. Musk founded the Musk Foundation in 2001, which has assets of more than $ 200 million. Musk is the world’s richest man. According to the Bloomberg Billionaires Index, his net worth is $227 billion.

- Advertisement -
MOBILE

Auto

Two Wheeler

BUSINESS AND FINANCE

Digit News