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Tesla CEO Elon Musk donated $5.7 billion worth of shares, know what is the reason

Elon Musk, the world’s richest man and Tesla CEO, donated Tesla shares worth about $5.7 billion to a charity in November. This has been disclosed in the information given to the US Securities and Exchange Commission. Musk donated a total of 50.4 lakh shares to a charity between November 19 and November 29 last year. At the end of last year, Musk sold Tesla’s shares of $16.4 billion, or 10 percent. He had sought public opinion on a Twitter poll on whether he should sell 10% of Tesla stock, to which most people answered ‘yes’. Musk gave his stock to charity a few days after the poll. Musk had earlier said that he would be able to pay the tax shares only by selling his shares as he does not take cash salaries or bonuses from anywhere.

Experts say that if Musk gifts Tesla shares, he will get tax benefits. This is because the shares donated to the charity are not subject to capital gains tax. In such a situation, it is being said that Musk has done this to save tax.

There was a dispute with the US MP regarding the tax

Musk is known for his interesting reactions on Twitter. Elon Musk has been in conflict with US lawmaker Bernie Sanders over taxes. Sanders tweeted in November demanding a tax on wealthy Americans that the rich should pay their share of taxes. On this, Musk took a dig at the age of the MP, saying, “I forget that you are still alive.” With this he said, “Bernie, what do you want me to sell my more shares? Say something on this.”

According to the Bloomberg Billionaires Index, Musk, the founder of the Nasdaq-listed company, has a net worth of $227 billion and is ahead of Amazon’s Jeff Bezos and Microsoft’s Bill Gates. Jeff Bezos has a net worth of $180 billion, while Bill Gates has a net worth of $127 billion.

Musk also spoke on Twitter about his desire to sell Tesla stock to contribute to the welfare of the people. Last year, David Beasley, executive director of the United Nations World Food Program (UNWFP), said that Elon Musk’s $6 billion wealth would be enough to end world hunger. Responding to this, Musk said that he was ready to do so immediately if Beasley could explain to him how it would solve the problem of starvation.

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