“The really striking thing about Musk is the disconnect between his outsized public persona and his very, very small philanthropic presence,” said Benjamin Soskis, who studies philanthropy at the Urban Institute. While other billionaires have sought a far-reaching impact on society, Mr. Musk’s foundation lacks “any direction or real focus outside of his business ventures,” according to Mr. Soskis.
Mr. Musk did not respond to requests for comment.
A school for his children
Mr. Musk and his younger brother Kimbal founded the Musk Foundation in 2001, a year before the sale of PayPal, the online payments company he co-founded, to eBay for $1.5 billion. He made more than $175 million from the sale and built his eponymous foundation with about $2 million worth of eBay stock.
The Musk Foundation’s website initially featured slick animations with images of satellite dishes and children in classrooms, while encouraging people to apply for grants. However, in 2005 it was deleted and replaced with plain black text that said the foundation was interested in “scientific education, children’s health and clean energy.”
No contact information was listed. That is still not the case.
By September 2014, Forbes estimated Mr. Musk’s net worth at more than $10 billion, boosted by the value of his Tesla shares. But he donated little to his own charity. Tax returns show his foundation had $40,121 in the bank that year.
That fit with Mr. Musk’s public stance on philanthropy. His for-profit companies are his way of changing the world, he said.
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2024-03-12 03:18:49
www.nytimes.com
