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Musk donated over $5.7 billion in Tesla shares to charity in November

Tesla chief executive Elon Musk donated a total of 5,044,000 shares in the world’s most valuable automaker to a charity in November last year, its filing with U.S. Securities and Exchange Commission (SEC) showed on Monday.
The donation was worth $5.74 billion, based on the closing prices of Tesla shares on the five days that he donated the stocks, Reuters reported.
The filing did not disclose the name of the charity.
Analysts have said there would be a tax benefit for Musk potentially gifting Tesla stock. This is because shares that are donated to charity are not subject to capital gains tax, as they would be if they were sold.
“His tax benefit would be huge. He’d save between 40% and 50% of the $5.7 billion in tax, depending on whether he could take the deduction against his California income and he’d avoid the gains tax he would have to pay if he sold the stock,” Bob Lord, an associate fellow at the Institute for Policy Studies who studies tax policy, said.
Tesla was not immediately available for comment.The post Musk donated over $5.7 billion in Tesla shares to charity in November first appeared on Ariana News.

Source: Ariana News

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