Trillionaire Elon Musk Donates: Mostly To Those Linked To His Own Institutions

India-West News Desk

AUSTIN, TX – Elon Musk’s charitable foundation distributed a record $474 million in 2024, a surge but still only linked to his own institutions, according to Bloomberg.

The latest tax filings show that roughly $370 million was directed to his own nonprofit created to develop a STEM-centric school system.

The filings also indicate that $35 million was transferred to a donor-advised fund at Fidelity Charitable, a vehicle that provides tax advantages before funds ever reach operating charities.

Smaller amounts went to a mix of nonprofits working in disaster response, health care and education, a shift that gave several new organizations their first Musk-funded grants, according to Bloomberg’s review.

The Musk Foundation’s assets climbed to $14.7 billion last year, a 55 percent increase from 2023.

Among the external gifts, Musk allocated $2.1 million to the Scroll Prize, which supports efforts to read the ancient Herculaneum scrolls buried by Mount Vesuvius in AD 79. The contest was won last year by Luke Farritor, one of the kids who helped Musk with the Department of Government Efficiency.

Despite signing the Giving Pledge, Musk’s charitable output remains modest compared with peers such as Warren Buffett and MacKenzie Scott. Between 2021 and 2024, he disclosed giving roughly $1 billion, even as his personal fortune swelled by hundreds of billions, according to the Bloomberg Billionaires Index. Today, he is the world’s wealthiest individual with an estimated net worth of $434.6 billion.