In 2021, Elon Musk made an enormous donation of Tesla stock valued at $5.7 billion, marking a historic philanthropic contribution by a car company owner. This donation significantly expanded the assets of the Musk Foundation, turning it into one of the most well-funded charitable organizations in the country.
Bloomberg News reports that the donation was given to Musk’s own foundation. By the end of 2021, tax filings showed that the Musk Foundation had amassed $9.4 billion in assets. During the same year, the foundation distributed $160 million to various charities, including $55 million to St. Jude Children’s Research Hospital and $54 million to the XPrize Foundation. Some funds were also directed to school districts and nonprofits in Brownsville, Texas, where SpaceX operates.
With an estimated net worth of $167.6 billion, Musk’s donations positioned him as one of the world’s most significant philanthropists. According to the Chronicle of Philanthropy, he ranked as the second-largest donor in 2021, behind Bill Gates and Melinda French Gates, who contributed $15 billion.
