The Richest Man In The World Despises Charity

The Economist accuses Musk of being stingy.

Elon Musk's charitable foundation has $14.7 billion in assets, but discloses almost no information about its activities, and a significant portion of the funds allocated goes to organizations linked to the billionaire himself. This is the conclusion reached by The Economist after examining the foundation’s tax returns for 2020–2024 (translation by Charter97.org).

Musk, the world’s richest man, has repeatedly criticized philanthropy. In August, he echoed the view of Brian Armstrong, CEO of the cryptocurrency company Coinbase, that many charitable organizations “do more harm than good to the world.” The entrepreneur himself once called philanthropy “nonsense.”
At the same time, his foundation ranks among the top five largest private charitable organizations in the U.S. However, the foundation’s website contains only 33 words describing its goals, and it is managed by just three people: Musk himself and two employees of his family office.
Between 2020 and 2024, the foundation distributed approximately $1 billion. More than 58% of this amount went to The Foundation, which is also linked to Musk. Nearly $100 million more was directed to Fidelity Charitable, where the money can sit for years awaiting further distribution.

Under U.S. regulations, private foundations must allocate approximately 5% of their investment assets to charity each year. However, Musk’s foundation took advantage of deferrals for four consecutive years, and by the end of 2024, the undistributed amount had reached $400 million.

Large donations of Tesla stock in 2021 and 2022 may have provided Musk with significant tax benefits.

While the billionaire willingly invests in political projects, his charitable activities appear far less generous than his wealth and public ambitions would suggest.

You can support the website Charter97.org

MULTI-CURRENCY ACCOUNT FOR ASSISTANCE:

Bank's name: Bank Millennium S.A.
Address: ul. Stanislawa Zaryna, 2A, 02-593, Warszawa
IBAN: PL97116022020000000216711123
SWIFT: BIGBPLPW
Name of the account holder: Fundacja “KARTA ‘97”
Purpose/title of payment: Donation for statuary aims

You can contact us by the e-mail charter97@gmail.com