3.9k Share this
Tesla Inc. Chief Executive Elon Musk donated more than 5 million Tesla shares in November, just days after the U.N. World Food Program outlined a plan to potentially use a $6 billion donation from the world’s richest man.
A filing with the Securities and Exchange Commission made public Monday showed the donation, but not the recipient. The Tesla TSLA, +1.83% shares were transferred in batches between Nov. 19 and Nov. 29, as Musk was also selling Tesla stock in preparation for a large tax bill.
On Halloween, Musk promised on Twitter TWTR, -0.42% that he would sell Tesla stock and donate $6 billion to the U.N. World Food Program if it “can describe on this Twitter thread exactly how $6B will solve world hunger.” The executive director of the program, David Beasley, responded with a proposal on Monday, Nov. 15. Musk began transferring shares to a charity the following Friday.
At Monday’s closing price of $875.76, the 5,044,000 Tesla shares would be worth roughly $4.42 billion; on Nov. 19, when Musk began the transactions, the total outlay would have been worth roughly $5.74 billion.
MarketWatch attempted to contact Tesla, which disbanded its public-relations team in 2020, and representatives of the World Food Program.
Check back for updates on this breaking story.
Source: This post first appeared on http://marketwatch.com/