The Musk Foundation received a gift of Tesla shares valued at $5.7 billion from Elon Musk at the end of 2021, Bloomberg News reports. This made the charity instantly one of the largest foundations in the United States, with $9.4 billion in assets.
The Musk Foundation received a gift of Tesla shares valued at $5.7 billion from Elon Musk at the end of 2021, Bloomberg News reports. This made the charity instantly one of the largest foundations in the United States, with $9.4 billion in assets.
This is not anything new. The US has “Donor Advised Funds” (DAFs) that allow donors to control how the money is spent.
Companies like facebook will donate stocks to the DAF, then direct the fund to “never sell the stock”, and so the company never looses value because their stocks are being held in perpetuity. They get to write the donations off on their taxes though, so they effectively pay almost nothing to the govt.
I was not aware of this. They have similar investment vehicles in Europe, though.