According to a regulatory filing that was made on Tuesday, Tesla CEO Elon Musk donated to charity in the amount of approximately $1.9 billion worth of TSLA shares in 2022.
After the first half of the year had passed, the donations finally started on August 12 of that year.
Between the months of August and December, the CEO of Tesla donated approximately 11.6 million TSLA shares to various charitable organizations.
Between November 30 and December 27, 2022, the vast majority of the donations, which totaled about 10.1 million TSLA shares, were made.
Almost $23 billion worth of TSLA stock sold in 2022
Elon Musk was able to sell nearly $23 billion worth of TSLA stock over the course of 2022, partly due to his acquisition of the social media platform Twitter.
In April, the company’s chief executive officer liquidated shares worth $8.5 billion, then in August 2022, he sold another $6.9 billion.
A further round of TSLA share sales totaling $3.95 billion in November and $3.6 billion in December brought Elon Musk’s offloading of Tesla stock in 2022 to a successful conclusion.
The CEO sold a total of approximately $22.9 billion worth of TSLA stock during the previous year.
An unidentified beneficiary of Musk’s donations
The SEC Form 5 filing did not identify the beneficiary of Musk’s TSLA share donations last year.
The charitable contributions are hoped to assist the Tesla CEO in minimizing the taxes he owes on profits from the shares he sold.
Musk’s TSLA stock donation of $1.9 billion to charity in 2022 is not insignificant.
Although, it is significantly less than the $5.7 billion in TSLA stock that Musk gave to charity in 2021.
The controversies surrounding Elon Musk’s acquisition of Twitter and other headwinds that Tesla faced weighed heavily on TSLA stock.
Tesla shares recovered and now doubling
The electric vehicle manufacturer’s stock dropped 65% in 2022, its worst yearly performance on record. Musk also lost the title of the World’s Richest Person to French billionaire Bernard Arnault.
Tesla shares have since been restored, with the stock nearly doubling since the beginning of the year.
The recovery was partly sparked by the company’s fierce vehicle pricing structure and strong Q4 and FY 2022 results.
