American billionaire Elon Musk is close to regaining the title of richest person in the world since leaving Bernard Arnault in December, thanks to a 74% increase in Tesla shares quest’year.
And after his recent donation of 11.6 million Tesla shares, Musk may take some time to outpace French luxury goods giant Bernard Arnault. The name of the organization he donated to between August and December was not mentioned. The shares were worth about $1.9 billion, in based on the closing prices on the days in which Musk donated the titles.
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This revelation comes in one moment in which Musk, 51, narrowed the gap to the Arno to less than $1 billion amid indications of growing demand for auto electric Teslas, according to the Bloomberg Billionaires Index, which I’ve seen. Arabiya.net”.
Musk’s net worth is now $191.3 billion following his latest donation, according to the Bloomberg Billionaires Index. It compares the current size of Musk’s wealth to its previous peak in 2021, which surpassed $300 billion, before he decided to buy Twitter in a debt-backed deal.
Musk, Tesla’s CEO and largest individual shareholder, had previously donated approximately $5.7 billion worth of shares in the company in 2021, making it one of the largest charitable donations in history at the time.
The recipient of the donation later turned out to be the Musk Foundation, which has recently provided money for education and decarbonization projects as well as non-profit organizations in thearea around Brownsville, in Texas, near the SpaceX launch station.
The foundation’s increased assets mean Musk needs to become more active in philanthropy. Private charities in the United States are required to spend 5% of their assets on charitable purposes each year.
And in 2021, Elon Musk sent nearly $160 million to nonprofits, the largest amount his organization has donated in a calendar year.
However, despite being one of the largest in the country, Musk’s philanthropic arm remains small in terms of personnel. According to the most recent tax forms, the foundation includes Musk, Jared Birchall and Matilda Simon as trustees. No other employees are listed.
America’s largest charity, the Bill and Melinda Gates Foundation, whose assets totaled about $55 billion at the end of 2021, has provided about $6.2 billion in grants that year and has more than 1,700 employees.
Much of Musk’s wealth is still tied to Tesla stock, though SpaceX has accounted for a larger share in recent years. Musk sold more than $20 billion worth of Tesla stock last year when he tried to back his purchase of Twitter.
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