Last year, the assets of Elon Musk's charitable foundation grew to $9.5 billion, and $237 million in gifts from the foundation went to other organizations controlled by the world's richest man.
Last year, the assets of Elon Musk's charitable foundation grew to $9.5 billion, and $237 million in gifts from the foundation went to other organizations controlled by the world's richest man.
These figures appear in the latest tax return of the Musk Foundation, which was analyzed by Bloomberg.
The document shows that the organization sent $137 million to Musk's other non-profit organization, The Foundation, which he created to support elementary and secondary schools focused on STEM education.
Musk's foundation also transferred $25 million to the Fidelity Charitable donor fund, which he also effectively controls.
The publication claims that Musk regularly sends tens of millions of dollars a year to such foundations, and it is impossible to know whether this money has gone to existing charities unless the recipients disclose it.
The X Prize Foundation, several educational organizations in Texas, the Air Force Aid Society, and Boston University also received financial support from the billionaire.
The nonprofits Musk controls are part of his vast and growing empire. Meanwhile, Musk's net worth this week surpassed a record $400 billion after an insider sale of shares in his private company SpaceX, making him the world's richest person.
The publication also notes that Musk is generally not very active as a philanthropist. Foundations like his are legally required to use at least 5% of assets per year, but Musk has repeatedly ignored this requirement. As the publication notes, he has also not expanded the team of his charitable foundation for many years.
As dev.ua wrote, technology tycoon and political ally of newly elected US President Donald Trump, Elon Musk, became the richest person in the world , and his fortune reached $400 billion.
At the same time, as we remember, in order to support Donald Trump in the election race, Elon Musk gave away $1 million every day for the lottery, which prompted law enforcement to investigate.
