Elon Musk’s charitable foundation, which is supposed to give away a certain amount of money every year, has been facing some serious issues. Reports say that the foundation hasn't been giving away as much as it should, according to the IRS rules, and instead, Musk has been sending millions of dollars to other organizations he controls.
The Musk Foundation, which manages a massive $9.5 billion in assets, only gave out $237 million in donations last year. But most of that money went to other nonprofits that Musk is involved with, like The X Prize Foundation and Fidelity Charitable. This is raising some eyebrows because, according to IRS rules, charitable foundations must give away at least 5% of their assets every year. That means the Musk Foundation should have donated around $475 million, but it fell short by $421 million. If Musk doesn’t make up for this shortfall by the end of the year, he could face hefty penalties from the IRS.
Despite this, Musk remains one of the riche...
Full Access
Included:
-
Access to All Articles.
-
One Plan. No Tiers.
-
No Ads.
-
Cancel anytime.
