Elon Musk gives away nearly $2 billion worth of Tesla stock to charity

On January 24, 2023, Elon Musk, the CEO of Tesla, exits the Phillip Burton Federal Building in San Francisco, California

Elon Musk, the CEO of Tesla, claims to have donated approximately $1.95 billion (£1.6 billion) worth of company shares to charity last year.

In a filing with US regulators, the donation of 11.6 million shares was referred to as "a bona fide gift.".

The donation's recipient or recipients were not identified in the filing.

Also on Wednesday, Mr. Musk stated that it would be "good time" to find a replacement for him as Twitter's CEO around the end of the year.

The donation was made between August and December of last year, according to the paperwork submitted to the US Securities and Exchange Commission.

A BBC request for comment received no immediate response from Tesla.

Mr. Musk has donated Tesla stock to charities before. In 2021, he gave away shares worth approximately $5.74 billion, according to a regulatory filing.

In addition, he announced on Twitter that year that he intended to give $10 million to Brownsville, Texas for "downtown revitalization" and $20 million to Cameron County schools.

Also hinted at by Mr. Musk is his intention to find Twitter's new CEO by the end of 2023.

Because he believed the business should be in a stable position by the end of the year, he predicted that it would be a good idea to hire a new CEO around that time.

At the World Government Summit in Dubai, he said via video link, "I think I need to stabilize the organization and just make sure it's in a financially sound place and that the product roadmap is clearly laid out.".

The social media platform was purchased by the multibillionaire businessman last year for $44 billion. Later, he claimed that the business was on the verge of failure.

Some Tesla investors, however, have criticized him for focusing too much of his attention on trying to turn around Twitter.

Speaking at the G20 Summit in Bali, Indonesia in November, Mr. Musk claimed he was working too much due to the demands of running Twitter, Tesla, and his rocket company SpaceX.

My workload has significantly increased recently, Mr. Musk admitted. I definitely have too much work on my plate, he continued.

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