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Elon Musk Networth – US$265 billion

With an estimated net worth of around US$265 billion as of May 2023, Musk is the wealthiest person in the world according to both the Bloomberg Billionaires Index and the Forbes real-time billionaires list.

Elon Musk is a South African-born American technology entrepreneur, investor, and philanthropist best known for his role as a founder or co-founder of a number of high-profile technology firms.

POLITICAL DONATIONS TO REPUBLICANS

Musk has also supported Republican candidates for Congress and the Presidency. Since 2003, he has given $57,600 to Republicans including President George W. Bush, Sen. Lindsey Graham (SC), Sen. Marco Rubio (FL), and Rep. Kevin McCarthy (CA-23). Since 2004, Musk has donated $29,800 to Republican political action committees and nearly $213,000 to the National Republican Congressional Committee (NRCC).[16] In 2018, a spokesperson for Musk announced that Musk had donated $6 million to the environmental group the Sierra Club, and wanted the donation to be made public by the environmentalist organization.

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The Musk Foundation is a non-public grantmaking basis based in 2002 via way of means of generation entrepreneur Elon Musk and his brother, Kimbal.

The brothers are the basis’s sole officers; Elon Musk is president and board director and Kimbal Musk is secretary, treasurer, and board director.

According to its website, the Musk Foundation makes offers in help of 5 areas, a number of which intersect with Musk’s enterprise ventures: “renewable strength studies and advocacy,” “human area exploration studies and advocacy,” “pediatric studies,” “technological know-how and engineering education,” and “improvement of secure synthetic intelligence to gain humanity.

Charitable recipients of Musk Foundation offer to encompass worldwide useful resource nonprofits along with Doctors Without Borders, healthcare businesses along with World Spine Care, and the co-instructional Mirman School for Gifted Children.

Funding

Tesla and SpaceX CEO Elon Musk is the only funder of the Musk Foundation and has donated at least $257 million to the organization.

In 2016, Musk donated 1.2 million stocks of Tesla stock, worth $254,614,000 at the time, to the Foundation. Drew Millard of the Outline wrote in 2018 that the timing of the donation allowed Musk to keep away from taxes and to keep away from ceding stocks to his 2d wife, who filed for divorce withinside the spring of 2016.

According to its website, the Musk Foundation makes offers in help 4 areas: “renewable strength studies and advocacy;” “human area exploration studies and advocacy;” “pediatric studies;” and “technological know-how and engineering education.”

Grant Recipients

NON-ADVOCACY CONTRIBUTIONS

The Foundation has donated to non-political causes, consisting of $480,000 in offers for water filtration in Flint, Michigan, and $424,000 to deliver computer systems to Flint middle schools. Other recipients of Musk Foundation offer to encompass worldwide useful resource nonprofits along with Doctors Without Borders, which turned into given $100,000 in 2012 alone, healthcare businesses along with World Spine Care, and the co-instructional Mirman School for Gifted Children. Artists for Peace and Justice, which facilitates deprived human beings the world over thru education, and Haitian Relief Organization—which helped with healing in Haiti after a tsunami struck that nation—acquired investment from the Musk Foundation in 2011.

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Artists for Peace and Justice acquired $129,708. Haitian Relief Organization acquired $61,370.

ADVOCACY CONTRIBUTIONS

The Musk Foundation helps businesses that push a left-of-middle agenda, in particular environmentalist businesses. Global Green has acquired a couple of donations, consisting of one worth $45,980 in 2007.

The Sierra Club Foundation acquired $250,000 in 2014.

Other recipients of Musk Foundation offers to encompass the National Wildlife Federation; the investment and financial sponsorship group New Venture Fund; Energy Foundation; Oxfam America; Oceana; the BlueGreen Alliance Foundation; the Tides Center; and Natural Resources Defense Council (NRDC).

Other explicitly left-wing businesses that have acquired investment are the William J. Clinton Foundation, People for the American Way Foundation, and Transgender Law Center.

All acquired investment in 2011 totaling $19,200, $7,200, and $2,500, respectively.

The Musk Foundation has made small contributions to a handful of right-of-middle nonprofits. The libertarian assumes tank Cato Institute acquired $5,000 in 2007.

In 2005, Citizens Against Government Waste acquired a $10,000 grant; National Taxpayers Union acquired $2,500 withinside the identical yr.

Grant Controversies

Some of the Musk Foundation’s donations have generated controversy.

Its 2016 IRS filing (Form 990) indicates that its biggest donation that yr turned into $37,798,322 and went to donor-suggested fund company Vanguard Charities.

Nonprofit Quarterly editor-in-leader Ruth McCambridge criticized the donation due to the dearth of payout and transparency guidelines associated with donor-suggested fund providers.  The left-leaning newspaper the Guardian carried out a radical exam of the Foundation’s donations in a January 2019 profile.

Their research observed that the Foundation often donated to charities wherein Musk’s own circle of relatives and/or his corporations have monetary and different interests.

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The article clarified that not one of the bills had been illegal, and stated charity professionals who stated that many had been inside charitable norms.

Officers

Elon Musk is president of the Musk Foundation. His brother, Kimbal Musk, is secretary and treasurer.

They acquired no repayment from the Foundation in 2016.

References

  1. https://www.influencewatch.org/non-profit/musk-foundation/
  2. WIRED. “Elon’s Empire: The Sprawling, Intertwining Web of Elon Musk’s Vested Interests.” WIRED. June 07, 2017. Accessed May 30, 2018. http://www.wired.co.uk/article/elon-musk-tesla-spacex-empire.
  3. Return of Organization Exempt from Income Tax (Form 990-PF).
  4. Musk Foundation. 2015. Part VIII, Line 1. ^ “Musk Foundation.” Accessed May 30, 2018. http://www.muskfoundation.org/.
  5. “Grant Visualizer: Musk Foundation.” Foundation Search. Accessed May 30, 2018. www.foundationsearch.com. ^

 

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