Musk’s Charity Falls $421M Short Of Donations Rule

The New York Times reports:

For the third year in a row, Elon Musk’s charitable foundation did not give away enough of its money. And it did not miss the mark by a small amount.

New tax filings show that the Musk Foundation fell $421 million short of the amount it was required to give away in 2023. Now, Mr. Musk has until the end of the year to distribute that money, or he will be required to pay a sizable penalty to the Internal Revenue Service.

His foundation has more than $9 billion in assets, including millions of shares in Tesla, his electric vehicle company. By law, all private foundations must give away 5 percent of those assets every year. The aim is to ensure that wealthy donors like Mr. Musk use these organizations to help the public instead of simply benefiting from the tax deductions they are afforded.

Read the full article.

Musk’s Foundation Gave Away Less Money Than Required in 2023 www.nytimes.com/2024/12/12/u…

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— Amy Dowell (@amydowellct.bsky.social) December 12, 2024 at 1:31 PM