Elon Musk donates $5.7 billion of his Tesla stock to charity
Tesla CEO Elon Musk recently donated $5.7 billion in the electric vehicle company’s stock to charity.
Tesla’s donation of 5,044,000 shares was disclosed Monday in a filing the company filed with the United States Securities and Exchange Commission (SEC). Tesla shares were worth more than $1,000 a share when they were given away between Nov. 19 and Nov. 29 of last year.
That made Musk one of the biggest donors to the United States last year, second only to Bill Gates and Melinda Gates’ foundation, which donated $15 billion last year.
Musk was challenged by the United Nations World Food Program (WFP) to try to use his wealth to solve world hunger.
“If the WFP can describe on this Twitter thread exactly how $6 billion will solve world hunger, I’ll sell Tesla stock right now and do it,” Musk posted on his Twitter last October, just a month away. before Tesla donated.
“There are millions of people around the world on the brink of starvation. It is not yet known if the WFP will receive some of this money, but I am delighted to hear that Elon is engaged. This is an incredible and wonderful first step,” WFP executive director David Beasley said in a statement.
Putting Elon Musk’s Incredible Wealth into Perspective
Elon Musk’s personal net worth is currently greater than the Gross Domestic Product (GDP) of Greece. The businessman and engineer who is the CEO of Tesla and SpaceX is worth $242.2 billion, while the Greek nation’s GDP is $189.4 billion.
That a single individual is worth more than any developed country is staggering, but to be worth more than contemporary Greece is no small feat.
Greece is classified by the International Monetary Fund as an advanced high-income economy, with an economy split between services (80%), industrial sectors (16%) and agriculture (4%). It is currently the sixteenth largest economy in the European Union, which has a total of 27 members.
To put Musk’s monumental economic clout even further into perspective, Greece’s economy is also growing extraordinarily fast, with the IMF also announcing last week that the national economy is eyeing a 6.5% growth rate by now. the end of 2021.
The IMF detailed the country’s growth for 2021 in its Global Economic Prospects report, where it also forecast that the Greek economy would grow by 4.6% in 2022.
The Fund forecasts that the inflation rate will reach 1.3% by the end of the year and then fall to 0.4% by 2022. They forecast that the unemployment rate will drop to 15.8% in 2021 and 14.6% next year, both years compared to 16.4% in 2020.
But the whole Greek country seems overwhelmed by the profits Musk has made from his electric car and space exploration businesses, and some analysts are even predicting that the latter could make him the first billionaire in history.