X Marks the Spot

Musk's foundation

Elon Musk is now the richest person in world with asset value over $400 billion. Given his handling of his charitable foundation, he might also be the stingiest billionaire. Philanthropy is generally a corollary of wealth. The Ford Foundation, the Gates Foundation, are notable examples of tax-exempt wealth used to address global issues.

Musk’s foundation shelters $9 billion from tax exposure. His recent contributions have saved him recently $2 thousand million in tax liability. To prevent foundations from being not more than a tax evasion mechanism, 5% of the assets must be given away each year. In 2023 Musk failed to give away $424 million. His foundation has no employees. Musk and a couple of his associates make the allocations. A recent beneficiary: a private school near the Space X launch site. (source NYTimes 12/13/2024)