Internet outraged as report reveals Elon Musk used his billion-dollar charity for tax breaks and self-interests
SAN FRANCISCO, CALIFORNIA: Billionaire entrepreneur Elon Musk, known for his bold visions and unconventional approach, has found himself amid a brewing storm as revelations surface about his charitable foundation's alleged failure to comply with tax laws.
According to a bombshell report, the Musk Foundation, a philanthropic behemoth with assets exceeding $7 billion, has repeatedly fallen short of meeting the minimum donation threshold mandated by tax regulations.
This oversight has sparked widespread outrage, with critics questioning the billionaire's commitment to philanthropy and raising concerns about potential conflicts of interest and lack of transparency in his charitable endeavors.
The Musk Foundation has falls short of minimum donation threshold
According to a report by the New York Times, the Musk Foundation, one of the largest philanthropic organizations in the country, has repeatedly fallen short of the minimum donation threshold mandated by tax laws.
The report alleges that in 2021 and 2022, the Musk Foundation did not donate the legally required 5 per cent of its assets, leaving a substantial shortfall of $41 million and $193 million, respectively.
By the end of 2022, the foundation was a staggering $234 million short of the minimum giving threshold, potentially subjecting it to a 30 per cent penalty tax on the amount needed to close the gap.
Elon Musk's philanthropy indirectly benefited himself
The report further scrutinizes the nature of the donations made by the Musk Foundation, suggesting that a significant portion of the funds benefited causes that indirectly aligned with Musk's business interests.
For instance, the foundation donated $5 million to a United Nations program that helps identify rural schools in need of internet access, with at least two of the recipient countries later becoming customers of Starlink, Musk's satellite internet service.
Additionally, the foundation allocated $55 million to St Jude Children's Research Hospital at the request of Jared Isaacman, a billionaire who participated in a SpaceX rocket flight to orbit the Earth.
Additionally, the Musk Foundation allocated resources for establishing the Ad Astra School, which presently boasts a student body numbering only a few dozen individuals, with half of them being offspring of SpaceX staff.
Internet slams Elon Musk after revelations about charitable endeavors
The revelations surrounding Musk's charitable endeavors have sparked outrage among the public, with many taking to social media platforms to express their frustration. One Facebook user passionately advocated for increased taxation of the wealthy, proclaiming, "Tax The Rich."
Another contributor expressed skepticism, stating, "There's no trickle down. Everything that trickles goes straight into tax evasion. The rich need to be taxed more!" A third user provided a scathing critique, asserting, "For people like him, charity is just another mechanism for feeding into their narcissism. It’s not even covert but quite blatant."
Meanwhile, another voice in the digital chorus exclaimed, "Grifters gonna grift…" A fifth user expressed a resigned acknowledgment of the situation, stating, "Of course! That's how capitalism and charity work for the rich." Lastly, a sixth user bluntly labeled Musk as "Another greedy grifter with money."
This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.
