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16-02-2022|Crypto

Elon Musk gave 5 million Tesla shares to charity, but World Food Program has not received anything yet.

Four days after the United Nations World Food Program answered to his public challenge to specify what the organisation would do with $6 billion, Tesla's CEO began distributing shares to an unidentified charity, but the director maintains the organisation hasn't received anything.

Elon Musk, the CEO of Tesla Inc., contributed over 5 million Tesla shares to charity in November, just days after the United Nations World Food Program unveiled a plan to use a $6 billion donation from the world's richest man, but the organisation has yet to receive anything.

The payment to charity was revealed in a filing with the Securities and Exchange Commission made public Monday, but no specific recipient was named. Between Nov. 19 and Nov. 29, Tesla TSLA, +0.10 percent shares were transferred in batches, as Musk was also selling Tesla stock in preparation for a huge tax bill.

On Halloween, Musk vowed on Twitter TWTR, -2.00 percent that if the UN World Food Program "can describe on this Twitter thread exactly how $6B will cure world hunger," he would sell Tesla stock and donate $6 billion to the organisation. On Monday, Nov. 15, the program's executive director, David Beasley, responded with a proposal, and Musk began transferring shares to a charity the following Friday.

When contacted on Monday, World Food Program spokesman Steve Taravella said, "WFP's practise has always been to leave any disclosure of possible contributions up to the donors themselves." Beasley, on the other hand, released his own statement on Tuesday, claiming that the organisation had not yet received any donations.

"It remains to be seen whether WFP receives any of this money, but I am thrilled to hear Elon is participating," Beasley added. "This is an incredible and fantastic starting step."

The donation might have gone to a donor-advised fund or Musk's own philanthropic organisation, the Musk Foundation, which had a little less than $1 billion in assets as of the end of June 2020, according to a federal filing. Billionaires frequently transfer shares to foundations or donor-advised funds before donating to philanthropic causes.

Fisker Inc. FSR, +1.90 percent Chief Executive and Chairman Henrik Fisker, for example, donated $4 million in shares to form a foundation in the name of him and his wife and $1.9 million to a donor-advised fund last year. That move was likewise made public in an SEC filing on Monday afternoon, though the EV business also released a news release detailing where the money was going.

Tesla's public-relations team was dismantled in 2020, and an email to the company was not replied.

Musk did not respond publicly to WFP's Beasley's November proposition, despite the fact that Beasley had been tagging Musk in tweets seeking financial help from well-known billionaires. Instead, Musk spent the day after Beasley wrote it berating U.S. Senator Bernie Sanders about taxes, after Sanders, a Vermont independent and former Democratic presidential contender, tweeted: "We must insist that the extraordinarily affluent pay their fair share." Period.”

Musk was selling millions of shares at the time in order to prepare for a hefty tax payment, as well as executing options for shares at significantly lower prices. Even with the given shares disclosed in Monday's filing, Musk now owns 172.6 million more shares than he did when he started selling shares.

Since the contribution, Beasley has continued to tweet at Musk in an apparent attempt to collaborate, including a Nov. 20 message asking him to "wow us all." Just go ahead and do it." According to a Twitter search, he last tweeted @ Musk on December 16.

Musk took the Giving Pledge in 2012, pledging to give away half of his fortune during his lifetime or when he dies. Until last year, he was rather discreet about his generosity in comparison to some of his rich contemporaries. Musk announced a $100 million reward to aid in the fight against climate change in 2021, as well as many other donations, including a $1 million donation to a Texas food bank, according to Vox. Musk occasionally tweets about his philanthropic actions, such as a $50 million donation to children's cancer research in September.

The 5,044,000 Tesla shares would be valued nearly $4.42 billion at Monday's closing price of $875.76; on Nov. 19, when Musk began the trades, the total outlay would have been worth roughly $5.74 billion at the closing price.

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