Elon Musk

All the causes Elon Musk's foundation has donated money to since 2002

The picture shows a foundation giving away dozens of small donations in its early years to Elon Musk’s pet causes, before changing its strategy as its assets rose to more than a quarter-billion dollars.

But the balance increased dramatically the next year with Musk’s contribution of 1.2 million shares of Tesla stock, kicking off a string of substantial donations—most of them to financial institutions that began managing his philanthropy.

The median amount is $10,000 and approximately 20% of the funds went to research, technology, and community services, in line with the Musk Foundation ‘s mission as stated on its bare-bones summary on its (Yahoo!-hosted) website.

But he’s also given to right-wing organizations such as the Cato Institute, a $5,000 donation in 2007 to “promote public policy based on individual liberty [and] limited government” and the conservative National Taxpayers Union Foundation in 2005.

As The New York Times reported , billionaires who hold donor-advised funds with the Silicon Valley Community Foundation (with $13.5 billion in assets) include Facebook’s Mark Zuckerberg, Netflix’s Reed Hastings, Twitter’s Jack Dorsey, Google’s Sergey Brin, Microsoft’s Paul Allen, and WhatsApp’s Jan Koum and Brian Acton.

The benefit to billionaires is clear: Money donated to such funds delivers immediate tax breaks by reducing taxable income and assets, especially in years with large windfall profits or major life events (like an IPO or divorce).

Powered by Blogger.