How do I get over Elon Musk

257 million dollars: For which Tesla boss Musk donates (small) parts of his fortune

With a three-digit billion fortune in the form of his stakes in Tesla and SpaceX, Elon Musk is now one of the five richest people on earth. According to his own account, he does not accumulate all the wealth for himself, but rather to help mankind to continue to exist on distant planets using SpaceX (and money from Tesla). On a comparatively small scale, however, he also takes care of more earthly matters: According to a report, the multi-CEO has now donated at least $ 257 million for projects ranging from education to sailing.

Tesla boss mainly donates shares

This data has now been compiled and processed by the online magazine Quartz. According to the article, the Tesla and SpaceX boss founded the private Musk Foundation together with his brother Kimbal in 2002 and initially funded it with $ 2.5 million in capital. The research is based on their information for the tax authority IRS.

Among other things, it shows that the foundation only really got going in 2016. For the first decade and a half, the Musks paid out an average of just under $ 500,000 a year until their capital shrank to $ 57,000, Quartz reports. In 2016, however, the foundation received a cash injection in the form of 1.2 million Tesla shares valued at more than $ 400 million today. Elon Musk alone has given her a total of at least $ 257 million so far, the majority in shares.

And as the foundation's assets increased, so did the amount of individual donations from 2016; from 2016 to 2018 it was $ 65 million, according to Quartz. Most of it did not end up with the final recipients, however, but was parked in two “donor advised funds”. These are foundations that receive money on behalf of philanthropists like the Musks and later use it for charity on behalf of the donors. Officially, these only have an advisory function when awarding the contract.

Space and Artificial Intelligence

According to Quartz, the donor funds Fidelity Charitable Gift Fund and Vanguard Charitable received a total of 50 million dollars, apparently through the onward transfer of Tesla shares - which should have brought a significant increase in value to date. Another major donation from the Musk Foundation went to the organization, which is operated by a research partner of the Tesla boss and which is supposed to spend $ 10 million to "solve the world's problems".

The largest direct donation up to 2017 (no newer data is available) was made with 2 million dollars by the Future of Life Institute for research into artificial intelligence, the three smallest of 1000 dollars each in 2002 were for The Planetary Society, the Listen Up Foundation Child Health) and the International Space University. In general, Quartz sees the goals of the Musk donations as more left of center, but the Tesla boss and his brother have also supported organizations that are considered more right-wing.

Tags: Elon Musk, SpaceX, donation, Tesla