Most of the Money from Musk's Charity Went to His Own Entities, Reports Bloomberg
Elon Musk's net worth has exceeded a historic $400 billion, positioning him as the wealthiest individual in the world. Read Full Article at RT.com.
TroibNews 
Elon Musk’s net worth has soared past $400 billion, making him the wealthiest individual in the world.
However, the billionaire's philanthropic efforts have come under scrutiny. According to a report from Bloomberg, Musk’s charitable foundation has reportedly not met the donation requirements set by the US Internal Revenue Service (IRS) to maintain its tax-exempt status, while also transferring millions to other entities he controls.
Bloomberg obtained the Musk Foundation's latest tax filing, revealing that the organization increased its assets to $9.5 billion in the previous year, contributing $237 million in gifts. Most of these funds were directed to Musk's other nonprofit ventures, including The Foundation, X Prize Foundation, and Fidelity Charitable.
The New York Times highlighted that the Musk Foundation has fallen short by $421 million of its required contributions for 2023, meaning Musk must distribute this amount by the end of the year or face significant penalties from the IRS.
The IRS requires charitable foundations to distribute an average of at least 5% of their assets annually. However, Musk has seemingly failed to meet this threshold multiple times.
As reported by the Bloomberg Billionaires Index, the entrepreneur's wealth has increased to over $440 billion this week, following an insider share sale of his private venture, SpaceX.
This surge in wealth places Musk nearly $200 billion ahead of Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg. His net worth is now greater than that of many US public companies, including Costco, Home Depot, and Netflix, according to Business Insider.
In addition to his financial achievements, Musk has emerged as one of the leading Republican donors this year and is a notable figure in President-elect Donald Trump’s inner circle.
After Trump’s recent election win, Musk has pledged to audit the entire US government and reduce government spending by as much as $2 trillion, taking on a role as head of Trump’s new Department of Government Efficiency, also known as DOGE.
Alejandro Jose Martinez contributed to this report for TROIB News
However, the billionaire's philanthropic efforts have come under scrutiny. According to a report from Bloomberg, Musk’s charitable foundation has reportedly not met the donation requirements set by the US Internal Revenue Service (IRS) to maintain its tax-exempt status, while also transferring millions to other entities he controls.
Bloomberg obtained the Musk Foundation's latest tax filing, revealing that the organization increased its assets to $9.5 billion in the previous year, contributing $237 million in gifts. Most of these funds were directed to Musk's other nonprofit ventures, including The Foundation, X Prize Foundation, and Fidelity Charitable.
The New York Times highlighted that the Musk Foundation has fallen short by $421 million of its required contributions for 2023, meaning Musk must distribute this amount by the end of the year or face significant penalties from the IRS.
The IRS requires charitable foundations to distribute an average of at least 5% of their assets annually. However, Musk has seemingly failed to meet this threshold multiple times.
As reported by the Bloomberg Billionaires Index, the entrepreneur's wealth has increased to over $440 billion this week, following an insider share sale of his private venture, SpaceX.
This surge in wealth places Musk nearly $200 billion ahead of Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg. His net worth is now greater than that of many US public companies, including Costco, Home Depot, and Netflix, according to Business Insider.
In addition to his financial achievements, Musk has emerged as one of the leading Republican donors this year and is a notable figure in President-elect Donald Trump’s inner circle.
After Trump’s recent election win, Musk has pledged to audit the entire US government and reduce government spending by as much as $2 trillion, taking on a role as head of Trump’s new Department of Government Efficiency, also known as DOGE.
Alejandro Jose Martinez contributed to this report for TROIB News
