Elon Musk, who is also the world’s second-richest person according to Forbes, runs a billion-dollar charity that reportedly provides him extensive tax breaks and is only benefiting him and his businesses.
As reported by the New York Times, the head of SpaceX and Tesla, Elon Musk’s charity in 2020 had more than $7 billion tax-deductible donation stock that has made it one of the largest charities in the country.
However, for this largest charity Musk has not hired any staff. It is handled by a board of three members that include Musk and two volunteers.
According to the report, one of the volunteers works as little as six minutes in a week.
In 2022, the charity only donated $160 million that is $234 million less than it needed as per the law.
Elon Musk filled his ‘nonprofit’ with ‘tax-deductible gifts.’ The New York Time’s report claimed.
As specified by the law Musk’s foundation was required to benefit the public but the report has found that during 2021 and 2022 the foundation gave donations to those linked with him and his businesses.
Out of the donations by the foundation $55 million was given to a major SpaceX customer. Millions were donated to Cameron County, Texas.
The foundation also donated to two of the schools that are closely tied to his business.
