Musk really donated nearly $6 billion, but the money didn't seem to be given to the United Nations Food Programme.....
Based on the November closing price of $1144.76, the amount of this donation is as high as $5.8 billion. At Monday's closing price of $875.76, 5.044 million shares of Tesla stock are still worth more than $4.4 billion.
In response, David Beasley, the director of the World Food Programme (WFP), who gave Musk a "forced donation war letter", said on Tuesday that the organization has not received any funding. He said:
"WFP will eventually receive this donation remains to be seen, but I'm glad to hear that Elon has donated." This is a great first step. ”
Sources point out that the first stop of this huge donation may be the Donor Advice Fund (DAF) or Musk's own charitable organization, the Musk Foundation.
In general, billionaires tend to transfer shares to foundations or donor proposal funds before donating them to charity from those organizations. According to regulatory documents, as of June 2020, the Musk Foundation held less than $1 billion in funding.
It is worth mentioning that one of the reasons why the Donor Advice Fund (DAF) is popular with the rich abroad is its tax avoidance function. Specifically, donations to DAFs are immediately tax deductible, and assets such as stocks and immovable property are also subject to pre-tax deductions at their fair value, and no capital gains tax is levied. This point, for musk who is "fancy tax avoidance", is not unattractive.
UNWFP and Musk's "forced donation war"
In 2012, Musk signed the "Pledge of Giving," a public pledge that indicated he would donate at least half of his fortune. However, compared with some rich people of the same age, Musk before 2021 is "very low-key" in terms of philanthropy.
On October 19, 2021, as Musk topped Bloomberg's billionaire list with a staggering $241.4 billion, David Beasley, the director of the United Nations Food Programme, who has been calling on billionaires to donate to the food crisis, could not sit still, and publicly issued a "forced donation war book" to Musk on Twitter, shouting that Musk donated $6.6 billion to solve the world famine problem.
However, musk, the world's richest man, also has a clear meaning, I have a lot of money, but I am not stupid. Investment also depends on the financial report, such a large amount of money at least have to make a plan. On October 31, he tweeted:
"Publish your current and planned spending in detail so people know where the money is going." Spread it all out in the sun. ”
In mid-November, the World Food Programme (WFP) responded to Musk's public "choking" on Oct. 31, specifying how $6.6 billion could be used to prevent 42 million people in 43 countries from famine next year. The plan includes $3.5 billion for food purchases and deliveries, and $2 billion for cash and food stamps, which can also support the local economy.
For now, however, WFP's previous efforts seem to have been merely "making wedding dresses for others".