Musk donated over US$5.7b in Tesla shares to charity in Nov******
Tesla Chief Executive ElonMusk donated a total of 5,044,000 shares in the world's mostvaluable automaker to a charity from November 19 to November 29 lastyear, its filing with US Securities and Exchange Commission showed on Monday.
The donation was worth US$5.74 billion, based on the closingprices of Tesla shares on the five days that he donated thestocks.
The filing did not disclose the name of the charity.
Late last year, the billionaire sold US$16.4 billion worth ofshares after polling Twitter users about offloading 10 percent of hisstake in the electric carmaker.
He tweeted last year that he would pay more than US$11 billionin taxes in 2021 due to his exercise of stock options set toexpire this year.
He also traded barbs with politicians Bernie Sanders andElizabeth Warren who called on wealthy people to pay more taxes.
Analysts have said there would be a tax benefit for Muskpotentially gifting Tesla stock. This is because shares that aredonated to charity are not subject to capital gains tax, as theywould be if they were sold.
"His tax benefit would be huge. He'd save between 40 percent and50 percent of the US$5.7 billion in tax, depending on whether he couldtake the deduction against his California income and he'd avoidthe gains tax he would have to pay if he sold the stock," BobLord, an associate fellow at the Institute for Policy Studieswho studies tax policy, said.
He said Musk might have contributed the stock tointermediaries such as "donor-advised funds," not outright tocharitable groups.
Tesla was not immediately available for comment.
Musk's public philanthropy gestures have so far trailedother billionaires. Musk and Amazon.com Inc founderJeff Bezos have donated less than 1 percent of their net worth, whereasWarren Buffett and George Soros had given away more than 20 percent oftheir net worth as of early September, according to Forbes.
In 2001, he set up the Musk Foundation, offering grants forthe "development of safe artificial intelligence to benefithumanity" among other causes, according to its website. Musk'sfoundation has over US$200 million in assets.
Earlier last year, Musk and his foundation offered to give US$100 million prizes to those who can come up with a technologyto help remove carbon from the atmosphere. He said last year hewas donating US$20 million to schools in Cameron County, Texaswhere a Space X rocket launch site is located and US$10 million tothe city of Brownsville.
Yao Ming's potential successor Yu wins plaudits at China's National Games******
By Sportswriters Yao Youming and Shan Lei
XI'AN, Sept. 27 (Xinhua) -- China's 18-year-old center Yu Jiahao, who trained in the United States and played with Lebron James' son Bronny, has been widely considered a potential successor to Chinese basketball legend Yao Ming.
Yu pocketed 21 points plus 18 rebounds in the third-place game, helping Zhejiang smash Hubei for a bronze in the Under-22 men's basketball tournament at Sunday's 14th China's National Games.
Yu's outstanding performance in the event impressed many fans, some of them even regarding him as a potential successor to Yao. Yu stands 2.20-meter tall and has a lot in common with Yao besides the height and ability as both have parents who are former elite basketballers, and both start to play basketball at an early age.
Yu Leping, Yu Jiahao's father, was a local star in the 1990s Chinese Basketball Association league. The 54-year-old once brought tough battles to Yao when they were on the court as rivals.
Now, as head coach of the Zhejiang men's Under-19 basketball team, Yu Leping is offering his wisdom courtside in the Shaanxi tournament, pocketing the silver medal in the U-19 event at the National Games with his son, who averaged 24.4 points and 12.6 rebounds. Yu Jiahao took part in both the U19 and U22 competitions here.
Yao, president of the Chinese Basketball Association, appeared in the U19 tournament's victory ceremony.
"President Yao joked with me while giving the award. Although I didn't win this major event, I will try my best to contribute to Chinese basketball in the future," Yu told Xinhua.
Yu was praised as "the next Yao Ming" during his time training in the U.S., and many have expressed confidence in his future career in the NBA. However, his strict father and coach said there was still a long way to go for him.
"The process is more important than the result. If he could work step by step, I believe that he will have an outstanding career," Yu Leping said.
"We only had one Yao Ming. No one can be the next Yao Ming. Jiahao should be himself. If he could try his best during his career, it would be enough," he added. Enditem