In a regulatory filing on Tuesday, it was disclosed that Tesla CEO Elon Musk donated 268,000 company shares to unspecified charitable organizations shortly before the new year.
Musk, who holds approximately 12.8% of Tesla's shares, executed this donation as part of his "year-end tax planning" strategy, directing the shares to "certain charities" that have "no current intention to sell such stock," according to the filing.
This donation mirrors a similar action taken in 2022, when Musk donated Tesla shares valued at $1.95 billion. In 2021, he contributed around $5.74 billion to the Musk Foundation, his charitable organization.
The recent donation is estimated to be worth about $108.2 million based on the stock's last closing price.
The Musk Foundation, which Musk leads as president, provides grants for a variety of initiatives, including the "development of safe artificial intelligence to benefit humanity," as stated on its website.
Currently recognized as the world's wealthiest individual with a net worth of $408.3 billion, according to Forbes, Musk did not provide an immediate response to a request for comment from Reuters.