Tesla stock worth nearly $2 billion is donated to charity by Elon Musk

On January 24, 2023, in San Francisco, California, Tesla CEO Elon Musk exits the Phillip Burton Federal Building

Elon Musk, the CEO of Tesla, claims to have given away shares in his electric vehicle manufacturer last year valued at about $1.95bn (£1.6bn).

A filing with US regulators referred to the donation of 11.6 million shares as "a bona fide gift.".

The recipient or recipients of the donation were not identified in the filing.

On Wednesday, Mr. Musk added that it would be "good time" to find someone to take over as Twitter CEO by the end of the year.

According to the paperwork submitted to the US Securities and Exchange Commission, the donation was made between August and December of last year.

A BBC request for comment was not immediately answered by Tesla.

Mr. Musk has previously donated Tesla stock to charities. According to a regulatory filing, he gave away shares in 2021 totaling about $5.74 billion.

That same year, he also announced on Twitter that he was going to donate $10 million to Brownsville, Texas, for "downtown revitalization" and $20 million to Cameron County schools.

Additionally, Mr. Musk has made it known that by the end of 2023, he intends to appoint a new CEO for Twitter.

He said, "I'm guessing probably toward the end of this year would be good timing to find someone else to run the company, because I think it should be in a stable position about, you know, at the end of this year.".

He stated via video link at the World Government Summit in Dubai, "I think I need to stabilize the organization and just make sure it's in a financially sound place and that the product roadmap is clearly laid out.".

For $44 billion, the multi-billionaire businessman last year purchased the social media site. The company was on the verge of bankruptcy, he claimed later.

He has drawn criticism from some Tesla investors for concentrating too much of his attention on trying to turn around Twitter, though.

Speaking at the G20 Summit in Bali, Indonesia in November, Mr. Musk claimed he was working too much because of the demands of his roles as CEO of SpaceX, Twitter, and Tesla.

According to Mr. Musk, his workload has significantly increased recently. I have too much work on my plate, without a doubt, he continued.

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