When you're Elon Musk and you want to handle some year-end financial housekeeping, you don't just write a check. You transfer nearly $100 million worth of stock to your charitable trust and file the paperwork with the SEC.
The Gift That Keeps on Giving (Tax Benefits)
According to an SEC filing dated December 30, the Tesla Inc. (TSLA) CEO donated 210,699 shares of the electric vehicle maker to his charitable trust. Based on Tesla's December 30 high of $463.12, that translates to more than $97.5 million in donated shares.
Influencer Sawyer Merritt pointed out on social media platform X that the transfer was part of "year-end tax planning," which makes sense. Donating appreciated stock to a charitable trust is a classic move for wealthy individuals looking to avoid capital gains taxes while still supporting charitable causes. You get the deduction, the charity gets the full value, and Uncle Sam gets less than he would have otherwise.
When Your Tax Bill Crashes Government Software
Never one to let an opportunity for self-promotion pass by, Musk claimed in a separate post on X that he once paid so much in taxes that it "broke" the Internal Revenue Service system. "Too many digits. They had to update the software to get it processed," the billionaire wrote.
Whether this actually happened or represents Musk's typical flair for dramatic storytelling is anyone's guess, but it's true that he has paid substantial tax bills in recent years after exercising stock options.
Taking Shots at Bernie Sanders
Musk also took time to criticize Senator Bernie Sanders (I-VT), calling him a "taker" who can never make anything. The Tesla CEO emphasized that all of his wealth is tied to Tesla and SpaceX shares, arguing that share value increases only through delivering quality products and services.
Sanders, for his part, has been a consistent critic of Musk and other billionaires, repeatedly calling for higher taxes on the ultra-wealthy. The Vermont senator has also voiced opposition to the tech industry's aggressive push into AI and robotics.
Cybercab Production Plans
On a separate front, Musk announced that Tesla will scale up production of its long-awaited Cybercab next year. The timing aligns with ongoing Robotaxi testing in Austin, where Musk claims he was recently driven around autonomously in a Model Y Robotaxi. A prototype Cybercab has also been spotted in the Texas capital.
Price Action: TSLA shares slipped 1.04% to close at $449.72 on Wednesday, December 31, then declined another 0.03% to $449.58 in after-hours trading.