"Forget champagne - Elon Musk rang in the new year with a $100 million giveaway. The billionaire gifted around 210,000 Tesla shares worth nearly $100 million to undisclosed charities on Tuesday, in connection with "year-end tax planning," according to an SEC filing released on Wednesday. The filing did not reveal what the charities were, but said the recipients had indicated they "had no current intention" to sell the shares. Musk and Tesla did not respond to a request for comment."
"Musk has regularly said this year that he does not own enough voting shares in the EV maker. In January, he said he would not be comfortable expanding Tesla's AI and robotics initiatives without controlling at least 25% of the company. In October, he told investors that he didn't want to build a "robot army" at Tesla if there was a risk he could be ousted as CEO."
"Musk's mammoth new pay package, which was approved by Tesla shareholders in November and could be worth as much as $1 trillion, provides him with a pathway to that level of control. If Tesla meets a series of ambitious product and financial milestones over the next decade, Musk's stake in the company could rise from 13% to nearly 29%. The billionaire's $100 million gift comes ahead of a pivotal week for Tesla, which is expected to report annual sales figures on Friday."
Elon Musk gifted approximately 210,000 Tesla shares valued at nearly $100 million to undisclosed charities in connection with year-end tax planning, according to an SEC filing. The filing said recipients indicated they had no current intention to sell the shares. The gift comes while Musk seeks greater voting control of Tesla; he has said he lacks enough voting shares and would want at least 25% control before expanding AI and robotics initiatives. A recent shareholder-approved pay package could increase his stake from 13% to nearly 29% if ambitious milestones are met, strengthening his control.
Read at Business Insider
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