Tesla CEO Elon Musk has reportedly donated 11.5 million shares, or about $2 billion, in Tesla shares to charity as a “bona fide gift,” as described in a US regulatory filing. It is unclear where he donated the shares, but it is assumed to be to his own, The Musk Foundation.
According to the SEC filing, Musk donated the shares between August and December 2022. They equated to about 1.6% of Musk’s total Tesla shares and are now worth around $2.4 billion after Tesla’s stock recovery from a tumultuous 2022.
Musk, who is frequently found atop the world’s richest people, currently has a net worth of $198.2 billion, according to Forbes’ real-time billionaire tracker. Bernard Arnault, CEO of LVMH, tops the list with a mind-numbing $213.4 billion, $15 billion more than Musk.
The Musk Foundation, Elon Musk’s Charity
This is not the first time Musk has leveraged his massive wealth for good. In 2021, he donated $5.74 billion worth of shares, per a regulatory filing, to The Musk Foundation. That same year in January, he announced that he would donate $100 million to a person or company that develops the best carbon capture technology.
His $5.7 billion instantly made The Musk Foundation one of the largest in the United States, according to Fortune. During this period, Musk donated $55 million to the Memphis-based St Jude Children’s Research Hospital and another $54 million to the X Prize Foundation, which he partnered with to fund the carbon capture and removal projects.
Largest Donation in 2022
According to Chronicle of Philanthropy, which was completed last year before Musk’s SEC filings, Microsoft founder Bill Gates landed at the No. 1 spot with a whopping $5.1 billion in donations. Michael Bloomberg’s $1.7 billion garnered him the No. 2 spot.
New Twitter CEO
Recently, Musk said that he was looking for someone to replace him as the CEO of Twitter, his newly acquired social media platform. With Musk’s workload being quite significant, he’s looking to appoint a new CEO by the end of 2023 so he can step-down and focus on other things. He even considered hiring philanthropist and YouTube star MrBeast as Twitter’s CEO.
“I think I need to stabilize the organization and just make sure it’s in a financially healthy place and that the product roadmap is clearly laid out,” Musk said at the World Government Summit in Dubai. “I’m guessing probably towards the end of this year should be good timing to find someone else to run the company because I think it should be in a stable position around the end of this year.”
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Tesla has invested billions of dollars over the years toward vehicle autonomy. The mission continues as Elon Musk and Tesla now prepare to unveil their ride-hailing product, Robotaxi this August. Or, as Musk called it on Tuesday, Tesla CyberCab.
Early Days
Five years ago, during Tesla’s Autonomy Investor Day in April 2019, Elon Musk said he felt “very confident predicting autonomous robotaxis for Tesla in the following year [2020]”. At the time, Musk added a bolder claim, predicting that Tesla wouldn’t even make cars with steering wheels or pedals by 2022. While timeliness may not be Musk’s strong suit, he has a track record for getting things done that others were unwilling to try or thought were impossible. Musk later admitted he can be overly optimistic and said “sometimes I am not on time, but I get it done.”
Now, 5 years later, we have the robotaxi unveiling scheduled for August 8th. After the release of FSD v12, it’s clear that we’re much closer to autonomy than we were in 2019, although FSD v12 is still a far cry from full autonomy.
While Tesla still has the robotaxi unveiling scheduled for August, Tesla announced yesterday that it’d be prioritizing a simpler “next-gen” model that could be released by early 2025.
Latest Updates
On the conference call, Musk added that Tesla now has over 300 million miles driven with FSD v12 since it was launched just last month. He added that it's becoming “very clear that the vision-based approach with end-to-end neural networks is the right solution for scalable autonomy”.
Tesla said it has been investing in the hardware and software ecosystems necessary to achieve vehicle autonomy and a ride-hailing service. The company is confident that it can establish a scalable and profitable autonomous driving business by employing a vision-only architecture.
think of it [Tesla] as combination of Airbnb and Uber meaning that there will be some number of cars that Tesla owns itself and operates
Tesla = Uber + AirBnb
Later on, Elon Musk unveiled that the new service will operate and result in a mix between Uber and Airbnb where the Tesla driver decides if and when he wants his Tesla to be used and by whom. Tesla stated:
“We believe the Tesla software experience is best-in-class across all our products, and plan to seamlessly layer ride-hailing into the Tesla App.”
Tesla’s CEO clarified that the owners will be able to add or remove their car from the fleet “whenever they want” adding that it will be up to them to decide if they want to only let the car be used “by friends and family or only by five-star users or by anyone at any time”. The flexible program will, just like Airbnb, allow the owners to take the car out of the market when they want.
The upcoming ride-hailing service will enable users to easily request a Tesla vehicle, control the car's temperature, monitor its real-time location, and adjust the audio system. The only question is when.
“We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025”. This was one of the key sentences that were part of Tesla’s deck shared on Tuesday directly before its financial results.
Since Reuters’ report a few weeks ago saying Tesla had “scrapped” the highly expected cheaper model— which Elon quickly denied on X —retail and institutional shareholders started asking for more details on Tesla’s product roadmap for 2024 and beyond.
In the earnings conference call, Elon Musk reiterated that Tesla expects to launch the next model in “early 2025, if not late this year”.
“We've updated our future vehicle lineup to accelerate the launch of new models ahead of previously mentioned start of production in the second half of 2025. So, we expect it to be more like the early 2025, if not late this year. “
Over concerns of temporary production halts to update the factories for these new models, Musk said that Tesla will produce new models with certain aspects from their next-generation platform and current models. This will reduce the number of changes needed on production lines and allow Tesla not only to ramp up production faster but also to get the vehicles to market quicker.
Model Y Redesign
Tesla appears to hit that their next-gen vehicle will be less “next-gen” than they were initially aiming for, but to get a new vehicle out the door by late 2024, the process would already have to be in motion. Tesla may likely be referring to the redesigned Model Y, which is expected to reuse many parts from the new Model 3. Earlier this year, Tesla said that the redesigned Model Y will not be released this year, so it makes sense that they’re looking to speed up that production.
Tesla CEO concluded by saying that these measures will allow Tesla to reach a capacity of over 3 million units. Tesla produced 1.84 million vehicles in 2023. However, this year they’re ramping up Cybertruck production and introduced the new Model 3 into new markets.
And we think this should allow us to get to over 3 million vehicles of capacity when realized to the full extent.
Tesla reported on Tuesday its earnings results followed by a conference call where it teased its upcoming Robotaxi and its next-generation platform saying its “purpose-built Robotaxi product will continue to pursue a revolutionary ‘unboxed’ manufacturing strategy”.
Earlier in the day, Tesla announced the new Performance variant of its sedan Model 3 with deliveries in the United States starting already next month. The new version starts at $45,490 (after applying the $7,500 Federal EV tax credit) and goes from 0 to 60mph in 2.9 seconds.
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Tesla Android Project enables you to run Android apps in your Tesla. The platform is Open Source and you can deploy it on your own Raspberry Pi 4. Consider supporting the initiative by donating or purchasing the Compute Module 4 Bundle that delivers the best experience. Get $20 off by using the code: NotATeslaApp
The official Tesla app only notifies you if your car is broken into. By installing Sentry Pro on your phone, you will be notified for all Sentry Mode events. Stay connected and avoid potential surprises by receiving notifications. Stop constantly checking the cameras to ensure safety. Check only when necessary, save battery and get peace of mind. Get a 7 day free trial here!
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![Elon talks about Twitter and job cuts at Bloomberg forum [video]](https://www.notateslaapp.com/images/news/2022/elon-musk-qatar-forum_300w.jpg)
