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Elon Musk has a giant charity, its money stays close to home

Economic Times

Economic Times · 1y ago

Elon Musk has a giant charity, its money stays close to home

Elon Musk's philanthropy has been sporadic and primarily self-serving, benefiting his businesses and generating large tax breaks. Despite being one of the wealthiest individuals, his foundation, the Musk Foundation, has fallen short of the minimum required donations, risking financial penalties. The foundation lacks direction or focus and is managed by Musk and two volunteers, without hired staff. Many of its donations have been linked to Musk, his employees, or his businesses, raising ethical concerns. While Musk believes his for-profit enterprises will have a greater impact than philanthropy, establishing a nonprofit obligates him to serve the public rather than his personal interests.

Related News

Why are Elon Musk and Donald Trump fighting? | TechCrunch

TechCrunch · 29d ago

Why are Elon Musk and Donald Trump fighting? | TechCrunch

Elon Musk and Donald Trump are publicly feuding after once having a close relationship. The fallout centers on Trump's "One Big Beautiful Bill Act," which Musk criticizes for its spending and potential impact on the national debt. Musk argues the bill unfairly benefits the wealthy and cuts vital programs. Their dispute has escalated on social media, with Trump threatening to cut Musk's governmental subsidies and Musk claiming his support was crucial for Trump's election victory.

Elon Musk's lawyer is helping Adam Neumann as he tries to buy back WeWork

Business Insider

Business Insider · 1y ago

Elon Musk's lawyer is helping Adam Neumann as he tries to buy back WeWork

Adam Neumann, the co-founder of WeWork, is reportedly seeking to buy back the company with the assistance of a lawyer close to Elon Musk. The lawyer, Alex Spiro, who previously worked with Musk on his takeover of Twitter, has been representing Neumann since late 2023. Spiro has a history of representing Musk in various cases and has also worked with other high-profile clients such as Jay-Z and Robert Kraft. Neumann's efforts to buy back WeWork or its assets have been ongoing since December.

ETtech explainer: How a Modi-Musk meeting supercharged Tesla’s India plans

Economic Times

Economic Times · 2m ago

ETtech explainer: How a Modi-Musk meeting supercharged Tesla’s India plans

Electric vehicle giant Tesla has accelerated plans for its India entry following a meeting between CEO Elon Musk and Indian Prime Minister Narendra Modi in the U.S. Concerns about steep import duties had previously stalled Tesla’s Indian market entry. However, after Musk and Modi discussed various issues, including reducing tariffs on imported electric vehicles, Tesla began building its team in India, securing showroom space, and engaging with local suppliers to alter its supply chain strategy.

Elon Musk says X could soon receive payment licenses in New York, California

Economic Times

Economic Times · 1y ago

Elon Musk says X could soon receive payment licenses in New York, California

Tesla and SpaceX CEO Elon Musk revealed that his social media platform, X, is on the verge of receiving a money transmitter license in New York, allowing it to offer payment functionalities. Musk also stated that California approval could arrive within a month, while New York's approval may take a few months. Since acquiring the former Twitter, Musk aims to transform X into an all-encompassing app similar to China's WeChat, expanding beyond social media to include features like money transfers. However, to operate across the US, X needs money transmitter licenses in each state.

SpaceX to try to ‘catch’ Starship after its 5th test flight: Musk

Inshorts · 1y ago

SpaceX to try to ‘catch’ Starship after its 5th test flight: Musk

SpaceX will try to 'catch' the world's largest and most powerful rocket Starship after it completes its fifth test flight in late July, CEO Elon Musk revealed. Musk was replying to a user who posted a video showing how giant mechanical arms would catch Starship instead of letting it simply land. This may drastically reduce the turnaround time for Starship.

Elon Musk accused Jeff Bezos' ex-wife MacKenzie Scott of destroying Western civilization with her philanthropy. Then she quietly doubled her donations.

Business Insider

Business Insider · 1y ago

Elon Musk accused Jeff Bezos' ex-wife MacKenzie Scott of destroying Western civilization with her philanthropy. Then she quietly doubled her donations.

MacKenzie Scott, the ex-wife of Jeff Bezos, has announced that she will be donating $640 million to 361 different organizations. This comes after she had pledged to give away $250 million last year. Lever for Change, the organization assisting Scott with her philanthropy, stated that 279 nonprofits will receive $2 million each, while the remaining 82 organizations will receive $1 million each. Scott's donations this year also include support for women's health and minority groups, and she has a no-strings-attached approach to her giving. Elon Musk has criticized Scott's charity work in the past.

Had told Musk 'Don't build SpaceX', he now makes fun of me: Diamandis

Inshorts · 8m ago

Had told Musk 'Don't build SpaceX', he now makes fun of me: Diamandis

Entrepreneur Peter Diamandis said he had advised Elon Musk against setting up a rocket company in 2000. "I was pitching Elon on funding XPRIZE and he said 'No I will do the rocket company'...I showed him all the videos of rocket blowing up and told him to put the money in XPRIZE," he said. Musk had founded SpaceX in 2002.

Sam Bankman-Fried was the 'the poster child' of the effective altruism movement, now the charity he bankrolled is shutting down

Business Insider

Business Insider · 1y ago

Sam Bankman-Fried was the 'the poster child' of the effective altruism movement, now the charity he bankrolled is shutting down

Effective Ventures Foundation UK, an "effective altruism" charity funded by former cryptocurrency billionaire Sam Bankman-Fried, is shutting down. The charity, which reported income of over £140 million in 2022, will wind down its operations and sell its assets, including a 15th Century manor house near Oxford. Effective altruism is a movement that aims to use resources effectively to help others. The closure of the charity comes after Bankman-Fried was sentenced to 25 years in prison for fraud and ordered to pay $11 billion in forfeiture. The charity has condemned his actions.

Elon Musk vs. Brazil Supreme Court: five things to know

Economic Times

Economic Times · 1y ago

Elon Musk vs. Brazil Supreme Court: five things to know

Elon Musk is under investigation in Brazil after accusing a Supreme Court judge of censoring social networks. Musk criticized Justice Alexandre de Moraes, who has been cracking down on disinformation, particularly surrounding Brazil's upcoming elections. Moraes responded by imposing fines for reactivating blocked accounts. Musk has been placed under investigation for crimes including conspiracy and obstruction of justice. Musk has a close relationship with ex-President Jair Bolsonaro and has received support from Brazil's far right. The dispute has sparked debates over censorship versus regulation of social media in Brazil.

Elon Musk's X could launch a physical card with X Money: Report

Economic Times

Economic Times · 12d ago

Elon Musk's X could launch a physical card with X Money: Report

X, owned by Elon Musk, is reportedly developing a physical debit card linked to its financial service, X Money. Discovered by AppSensa, new code hints at a customizable card offering features like shipping tracking, activation, and PIN settings. This development follows X's partnership with Visa for peer-to-peer payments. The firm has secured money transmitter licenses across 40 U.S. states. X aims to rival digital banks with features such as cashback and deferred debit, expanding its payment network beyond Visa.

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