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[deleted] t1_iv1s2qh wrote

Reply to comment by defcon_penguin in [OC] Forbes 2022's Most Philanthropic US Billionaires by row64software

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jakubkonecki t1_iv2sb0r wrote

If a mega-billionaire donates 2.4% of his fortune to charity but no charity gets any money, does it actually count as philanthropy?

That’s a lingering question surrounding Elon Musk, the Tesla chief executive and world’s wealthiest person, over the past month. A terse regulatory filing in mid-February disclosed that Musk, who is currently worth $235 billion according to Bloomberg, had earmarked $5.7 billion worth of his Tesla shares for charity in late November. And yes, that’s the only detail Musk has provided about where the shares have gone: “To charity,” according to the bare-bones prose in the SEC’s disclosure form. No nonprofits have recently announced receiving any money from him, and Musk did not respond to several Fortune requests for comment.

From Fortune website

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[deleted] t1_iv2ss7j wrote

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jakubkonecki t1_iv2thyo wrote

Yes, but if Musk's fund haven't actually donated to any charity, is he really a philanthropist?

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euk-ko t1_iv366m9 wrote

i hate reddit

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emperor_scrotum_II t1_iv3zmx4 wrote

I don’t like musk either but don’t pretend Reddit isn’t religiously anti-Musk. Your opinion is the status quo on 90% of the subs, especially the larger ones

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[deleted] t1_iv379b3 wrote

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euk-ko t1_iv37rg3 wrote

defending a billionaire online for literally nothing sounds like a you problem

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awakenedchicken t1_iv3wjlp wrote

I can never understand fan boying for people whose wealth doesn’t affect you at all. Do you people think one day you’re going to be a billionaire? Why do you like people who continue to get richer and richer on the back of people like us?

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[deleted] t1_iv4qs90 wrote

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awakenedchicken t1_iv4r0fn wrote

Yeah I’m big idiot boy.

The link says he put it in a fund. No evidence that he ever donated with said fund. Therefor, he hasn’t donated any money.

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TJATAW t1_iv3b7tw wrote

If you look at the article it says:

"Our estimates factor in the total lifetime giving of American billionaires, measured in dollars given to charitable recipients—in other words, we are not including money parked in a foundation that has yet to do any good. To that end, we also do not include gifts that have been pledged but not yet paid out, or money given to donor-advised funds—opaque, tax-advantaged accounts that have neither disclosure nor distribution requirements—unless the giver shared details about the grants that were actually paid by such entities. This is a list of individuals and couples who are U.S. citizens; as a result, we excluded extended families like the Waltons, controlling shareholders of Walmart, and excluded big givers like Hansjoerg Wyss, who lives in the U.S. but is a Swiss citizen. Net worths are as of January 18, 2022."

Musk said he gave $5 billion to charity, but won't say who got it, and no one is saying they got money from Musk. So his donation is likely "given to donor-advised funds—opaque, tax-advantaged accounts that have neither disclosure nor distribution requirements". In other words, a tax write off.

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[deleted] t1_iv3bd3s wrote

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jakubkonecki t1_iv3e4hd wrote

"still needs" is the most significant part of the sentence.

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[deleted] t1_iv3ev7m wrote

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jakubkonecki t1_iv3fihb wrote

Not 'only'. Fund can be dismantled and all the money returned. And what good come from this money sitting in the account? Please don't tell me there's no charity out there who is worthy of Musk's money. It's an obvious tax dodge.

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row64software OP t1_iv1vasc wrote

Interesting... I wonder why Forbes didn't catch that.

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TJATAW t1_iv3butf wrote

Because Forbes is only counting verifiable facts.

Musk won't say who got it, and no one is saying they got it. All we have is Musk saying that he gave it to charity.

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peter303_ t1_iv5lrj0 wrote

Lot of that was to charitable trusts, which havent given out the money yet. Mainly for tax reasons. A whole 2% of his wealth too!

Anyone in the US can use a charitable trust.

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