Elon Musk donates Tesla shares worth $112 million to charities that have "no current intention to ..."

[CentralMass]

https://timesofindia.indiatimes.com/technology/tech-news/elon-musk-donates-tesla-shares-worth-112-million-what-the-regulatory-filing-said/articleshow/116935264.cms

"Tesla CEO Elon Musk has donated 268,000 Tesla shares worth almost $112 million to charity, according to a regulatory filing on December 30. This isn't the first time Musk has made large charitable donations. In 2022, he donated $1.95 billion worth of Tesla shares to charity in several transactions between August and December. In 2021, he gave away $5.7 billion worth of Tesla shares, which was later revealed to have gone to his own foundation.

"Why Elon Musk donated his shares
The shares, as stated in the filing with the Securities and Exchange Commission (SEC), were donated as part of Musk's "year-end tax planning" to "certain charities" that have "no current intention to sell such stock," the filing showed. The charities that received the shares are not named, and they do not plan to sell them anytime soon, the filing stated."

[rasputin1952]

1. If they can't sell it...

What good is it?

Do they get to use any of the profit if the stock gains?
Are they beholding to Tesla if the stock tanks?

I get the impression this is an "Accountant's Dream".

[Bluetus]

2. No doubt the "charity" is this impressive one:

The famous Musk Foundation. Read all about the great humanitarian work this foundation supports at their brilliant website:

https://www.muskfoundation.org/

Yes, folks, that the real website. Everything about Musk is a fraud, including his "foundation". It is just a way to shuffle shares aroud for tax dodging and the launder any of the mandatory reporting.

[Unladen Swallow]

3. Elite politicians

and business people have been doing this forever.

[Irish_Dem]

4. Foundations are a way to launder money and not pay taxes.

[Dennis Donovan]

5. Criticism section of the Wikipedia article on the Musk Foundation:

https://en.wikipedia.org/wiki/Musk_Foundation#Criticism

Criticism
Both the selection of recipients of donations and a relatively low payout ratio have been criticized. In 2021 and 2022, the Musk Foundation awarded less than 5% of its assets in donations, after its assets grew to several billion dollars. This means that it fell short of the legal minimum donation required to maintain its tax-exempt status. The Guardian criticized the fact that the foundation financed various projects of Musk and his family members, although this is not unusual for billionaires and wealthy donors. The New York Times concluded that through 2022, about half of the Musk Foundation's grants went to organizations “tied” to Musk, one of his employees, or one of his companies. Musk's philanthropy would be “largely self-serving.”

According to the biographer Walter Isaacson, Musk has little interest in philanthropy. He believes that he can do more for humanity by leaving his money in his companies and pursuing the goals of sustainable energy, space exploration and AI safety with them.

On December 12, 2024, The New York Times reported the foundation again awarded less than 5% of its assets in donations in 2024.

[Bluetus]

6. I bet there is not a single CHARITABLE grant -- not one penny

I bet, if a person could get eyes on the details, they would find that 100% of the money paid out goes to companies that Musk (or somebody in his inner circle) controls.

This is the kind of thing that ought to be prosecuted, but this kind of white collar crime hasn't been actively enforced for generations.

That is yet another indicator of the late-stage capitalism we are in now.