Forbes ranks Elon Musk “among the least philanthropic billionaires,” estimates percentage of his wealth that has been disbursed to needy
WASHINGTON, DC – NOVEMBER 13: Elon Musk listens as US President-elect Donald Trump speaks during a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill on November 13, 2024 in Washington, DC. As is tradition with incoming presidents, President-elect Trump is traveling to Washington, DC to meet with U.S. President Joe Biden at the White House as well as Republican members of Congress on Capitol Hill. (Photo by Allison Robbert-Pool/Getty Images)
Elon Musk was recently ranked on the list of the least philanthropic billionaires. According to the report published by Forbes, last week on Monday, April 20, the Tesla CEO, who has a net worth of $839 billion, tops the list, despite previously transferring billions of Tesla stocks to charitable foundations he is involved with. But the amount given in charity is just a very small percentage of his reported net worth.
This comes just five months after it was reported that Elon Musk is set to become the world’s first trillionaire. According to People Magazine, back in November, Tesla shareholders accepted a new pay package that would allow Musk to advance his net worth to $8.5 trillion in less than ten years. Elon Musk has to fulfill certain pre-existing conditions to be able to achieve his predicted status as a trillionaire, which includes him remaining at Tesla in his role as the CEO for at least seven and a half years.
More about the Forbes list declaring Elon Musk as one of the least philanthropic billionaires
Elon Musk has given away just a mere $500 million, which is only 0.06 percent of his net worth directly to those in need. According to reports, Musk has continued to hold on to his position as the world’s wealthiest person, as he has not in fact given away the larger portion of his wealth.
It is reported that Elon Musk transferred about $8.5 billion in Tesla stocks to the Musk Foundation, which was founded twenty-four years ago in 2002. This was done starting in 2022, after he first donated $1.95 billion between August and December. Later, he gave away $112 million the same year and had previously also given away around $5.7 billion in 2021. All of this was done as part of a year-end tax planning to help reduce the amount he owed the IRS, which led him to give away a significant portion of his $39 billion Tesla stock.
The foundation set up by Musk has reportedly also failed to distribute five percent of their assets each year, which is required by the rules set by the IRS. Previously, when Elon Musk was first reported to be on the parth to become the world’s first trillionaire, several people, including Billie Eilish, had called him out. The Grammy-nominated singer criticized the billionaire by expressing how Elon Musk could donate his money to better causes like eradicate world hunger, rebuild war-torn Gaza, save endangered species of the world, among others.
In other news, Musk is currently amidst a legal battle against Sam Altman, with the trial set to begin Monday, April 27.
