Elon Musk, the CEO of Tesla, has disclosed that he donated approximately $1.95 billion worth of shares of his electric vehicle manufacturer to charity last year.
Despite without naming the receiver or beneficiaries, the transfer of 11.6 million shares was described as “a bona fide gift” in a filing with US regulators.
The donation was made between August and December 2022, according to the document filed with the US Securities and Exchange Commission.
Musk has donated Tesla stock to charities previously. In 2021, he gave out shares worth approximately $5.74 billion, according to a regulatory filing.
In addition, he announced on Twitter same year that he intended to give $10 million to Brownsville, Texas for “downtown revitalization” and $20 million to Cameron County schools.
The search for Musk’s replacement as Twitter’s CEO would be “well timed” towards the end of this year, Musk added on Wednesday, February 15.
“I’m guessing probably towards 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 around, you know, at the end of this year,” he said.
“I think I need to stabilise the organisation and just make sure it’s in a financially healthy place and that the product roadmap is clearly laid out,” he said on a video link at the World Government Summit in Dubai.
The multi-billionaire businessman bought Twitter last year for $44bn. He has since said the company was close to bankruptcy.