Philanthropy or tax evasion?
Elon Musk, the world's second richest person, donated Tesla stock worth $1.9 billion last year, as per filings with the Securities and Exchange Commission published on Tuesday. A total of 11.6 million shares were gifted to an unnamed charity in the second half of 2022.
after the price of Tesla stock began to dip in April. Musk, who had by then declared his intent to acquire social media company Twitter, also began selling Tesla stock to fund his purchase.As per U.S. laws, stockholders are not required to pay taxes on the wealth accrued by holding stock options. This wealth accrual is called unrealized gains and is not liable for tax. However, when the stock holdings are sold, the wealth obtained is subject to a capital gains tax.
As per filings with the SEC, Musk began to donate the stock in August itself, but about 70 percent of the donation happened over three days in December 2022, which is a strong indication that they were done for tax-saving purposes for the financial year.
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