Elon Musk said he would donate to charities. Musk had promised to donate half his fortune in total to charities, but how has the situation been so far? How much did he donate?
Elon Musk, who has become one of the wealthiest people in the country thanks to Tesla shares, has many more years ahead to fulfill his philanthropic commitment. At least we can say that.
Where is Elon Musk at the point of donation to charities?
Elon Musk, the founder and entrepreneur behind electric car maker Tesla and rocket company SpaceX, signed Giving Pledge in 2012, which promised to donate at least half of his fortune to charities. His fortune, which was worth $ 2 billion at the time, is now much higher. Therefore, the reward of giving half of his fortune is more now.
Thanks to the massive market value of Tesla’s share, Musk reaches a net worth of $ 68 billion and ranks seventh on the Forbes 400 richest Americans list for 2020.
Musk’s net worth increased to over $ 100 billion at the end of August for a few days. Then Tesla shares dropped slightly worldwide, while on September 4 it was at the most around 87.9 billion.
According to Forbes, Musk has donated nearly $ 100 million to charities so far. This figure is less than 1 percent of his net worth.
In this case, he gets 1 charity point. Still, Musk is actually known as a cash-strapped billionaire. Apart from a few homes, most of his fortune is tied to his shares in Tesla and SpaceX. Musk even pledged about half of Tesla’s shares as collateral for loans.
In 2018, Musk shared on Twitter that he would sell $ 100 million worth of Tesla shares every few years to charities and make large payments in about 20 years when Tesla is in a steady state.
What does Elon Musk do for donations? In 2002, Musk donated $ 25 million so far to nonprofit groups through the Musk Foundation. It was reported that a grant of 75 million dollars was made in other ways.
The Foundation also made 350 donations, approximately $ 17 million, to nonprofits focusing on scientific research or education, including Ad Astra, an experimental private school on the SpaceX campus.
Elon Musk has to give $ 2.3 million a day for 40 years to keep his promise and give half of his $ 68 billion fortune.