Elon Musk, the founder of Tesla and SpaceX donated more than $5,000 million dollars in Tesla shares to organizations charity between 16 and 29 November of last year, this according to documents from the US Securities and Exchange Commission. (SEC, for its acronym in English).
The documents did not reveal the name of the charity that received the money. The SEC releases this documentation after Elon Musk, who is currently the richest man in the world, sold shares worth $11 ,500 million dollars.
Because Musk does not receive a salary or cash bonus from Tesla, the stock options they are part of your compensation plan, which means your wealth comes from the number of shares you own and the earnings on their price.
Musk posted on Twitter that he would pay more than $11,000 millions of dollars in taxes on 2021 due to its exercise of options on shares expiring this year.
Analysts said there would be a tax benefit to Musk if he gave away Tesla shares, as shares donated to charity are not subject to income tax. capital gains, as are those that are sold.
“Your tax benefit from him would be huge. I would save between 40% and 50% of the $5,700 millions of dollars in taxes, depending on whether you could take the deduction against your California income and avoid the income tax you would have to pay if you sold the stock,” said tax analyst Bob Lord.
When it comes to the taxes he pays, Musk has publicly defended himself on social media saying yes pay what is due. And it is that Elizabeth Warren criticized him in that sense in December, when Musk was announced Person of the Year by Time magazine.
At that time, Warren said on Twitter: “Let’s change the rigged tax code to that the Person of the Year really pay taxes and stop taking advantage of everyone else“.
Given this, Musk responded to Warren saying: “And if you opened your eyes for 2 seconds, you would realize that I will pay more taxes than any other American in history this year.”
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