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How to spend $ 200 billion: Elon Musk ready to give his fortune for charitable cause

Author : 112.ua News Agency

Source : 112 Ukraine

As it turned out, making big money is easier than deciding where to spend it effectively
20:06, 13 January 2021

AP photo

Tesla and SpaceX founder Elon Musk recently became the richest man in the world. His fortune, according to the Bloomberg Billionaires Index, exceeded $ 200 billion. Now, as a decent billionaire, he thinks where to spend this money, and even attracted the public to this in the form of his Twitter followers.

Musk became the richest man in the world on January 7, 2021, his fortune reached $ 209 billion. He pushed to second place Jeff Bezos, the founder of Amazon, whose fortune is estimated at $ 186 billion. (By the way, Bezos for three years led the ranking of the richest people of the planet). And this became possible mainly thanks to Tesla shares: in 2020 they added 720% to the value. Thus, Elon Musk's fortune increased by $ 160 billion in less than a year (back in March 2020, it was about $ 24.6 billion).

Musk decided to spend his fortune on charity, but then he ran into a problem: finding a suitable initiative is more difficult than it might seem at first glance. He reached out to his Twitter followers for advice on ways to donate his fortune so that it really benefits.

Let's see how events will unfold, but earlier Elon Musk has already announced that he is ready to sell all his property and send funds to the colonization of Mars. The main dreamer of the Earth wants to build a city on the red planet.

"I believe it is important for humanity to become a space civilization and a multi-planetary species. Building a city on Mars will take a lot of resources. I want to be able to contribute as much as possible to the development of a city on Mars," Musk said.

Back in 2020, Musk sold several properties, including several homes and a villa in Los Angeles.

Related: Zelensky invites Elon Musk to visit Serhiy Korolyov Museum of Cosmonautics in Zhytomyr

"I will have practically no property that has monetary value, other than company shares. If there is a lot of work, I prefer to just spend the night in a factory or in an office. Obviously, I also need housing where my children can be. So I can just rent or something like that," said Elon Musk.

Compete with the idea of ​​colonizing Mars is not an easy task. However, none of the rich people do this. The money of generous patrons goes mainly to more mundane needs: the fight against poverty, the development of medicine, environmental programs, and the protection of human rights. For example, Jeff Bezos, one of the richest people on the planet, donated about $ 100 million to 32 organizations that help the homeless, and $ 791 million to 16 environmental organizations.

But the most generous donor was the head of Berkshire Hathaway, Warren Buffett. Over the course of five years, he has donated about $ 14.7 billion to projects selected by the Bill Gates Foundation. Gates himself and his wife spent almost $ 10 billion on charity. Together with Buffett, they are fighting poverty and are engaged in HIV / AIDS treatment. Financier George Soros has spent $ 3.1 billion on initiatives to promote democracy and human rights.

Chuck Feeney, the founder of Duty Free shops, is called the most unusual billionaire. He donated all his fortune to charity, and by the 89th year of Feeney's life, this is almost $ 8 billion. He allocated money for the founding and development of schools, research centers, universities and nursing homes in Africa, the USA, Australia.

Former New York Mayor Michael Bloomberg has spent about $ 3 billion over 5 years on combating climate change and on medicine. And Facebook founder Mark Zuckerberg gave $ 1 billion to charity, donating to science and education.

Charity is also developing in Ukraine. On a regular basis, donations are made mainly by large corporations and charitable foundations of patrons. Funds are directed to medicine, support for ATO / JFO veterans and internally displaced persons.

Related: Gas prices for Ukraine's population to be reduced by 30%

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