Elon Musk donates 268,000 Tesla shares to charities

Investing.com -- Tesla (NASDAQ:TSLA ) CEO Elon Musk has gifted 268,000 shares of his company to undisclosed charities, as revealed in a regulatory filing earlier this week. The donation is part of Musk's year-end tax planning, with the chosen charities reportedly having no plans to sell the stock at present.

This act of philanthropy mirrors Musk's actions in 2022, when he donated Tesla shares valued at $1.95 billion. The year prior, in 2021, Musk donated approximately $5.74 billion to his non-profit organization, the Musk Foundation.

The most recent donation, based on Tesla's final closing price, is estimated to be worth around $108.2 million. Musk, who holds about 12.8% of Tesla, has made these charitable contributions a regular part of his end-of-year activities.

The Musk Foundation, where Musk serves as president, provides grants for a variety of causes. One of its key focus areas is the "development of safe artificial intelligence to benefit humanity," as stated on the foundation's website.

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Source: Investing.com