Thursday, February 17, 2022

Heartwarming Story of a Billionaire and Hunger

 11/1/21 CBS News:

Last week, the director of the United Nation's World Food Programme said if the world's top billionaires just donated a fraction of their worth, millions of people who are at risk of starving to death can be saved. Elon Musk, the second wealthiest person in the world, said he'd give up some of his wealth — only if he knows exactly where the money is going.


David Beasley, director of the World Food Programme, said on CNN last week that a "one-time" donation from the top 400 billionaires, whose net worths are ever growing, in the U.S. could help save the lives of 42 million people this year. 

"The world's in trouble and you're telling me you can't give me .36% of your net worth increase to help the world in trouble, in times like this?" he said. "What if it was your daughter starving to death? What if it was your family starving to death? Wake up, smell the coffee, and help."...

Musk, the founder of Tesla and SpaceX who has an estimated net worth of $151 billion, according to Forbes, replied to a tweet questioning the group's figures. "If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it," Musk wrote. "But it must be open source accounting, so the public sees precisely how the money is spent."

I am guessing someone satisfactorily answered the question: 2/15/22 Marketwatch:

Tesla Inc. Chief Executive Elon Musk donated more than 5 million Tesla shares to charity in November, days after the U.N. World Food Program outlined a plan to potentially use a $6 billion donation from the world’s richest man, but the group has not received anything.

A filing with the Securities and Exchange Commission made public Monday showed the donation to charity, but not a specific recipient. The Tesla TSLA, +0.10% shares were transferred in batches between Nov. 19 and Nov. 29, as Musk was also selling Tesla stock in preparation for a large tax bill.

On Halloween, Musk promised on Twitter TWTR, -2.00% that he would sell Tesla stock and donate $6 billion to the U.N. World Food Program if it “can describe on this Twitter thread exactly how $6B will solve world hunger.” The executive director of the program, David Beasley, responded with a proposal on Monday, Nov. 15, and Musk began transferring shares to a charity the following Friday.

World Food Program spokesman Steve Taravella declined to disclose any information when contacted Monday, saying “WFP’s practice has always been to leave any disclosure of possible contributions up to donors themselves.” Beasley issued his own statement on Tuesday, however, saying the group had not received any funds yet.

“Whether WFP receives any of this money is yet to be seen, but I am excited to hear that Elon is engaged,” Beasley said. “This is an amazing and great first step.”

It’s possible the donation went to a donor-advised fund or Musk’s own philanthropic organization, the Musk Foundation, which held a bit less than $1 billion as of the end of June 2020, according to a federal filing. Billionaires regularly divert stock to foundations or donor-advised funds before donating to charitable causes from those organizations.

It is possible the money went to some other hunger relief group or it could be that Musk is taking Jesus' advice on this:

“Be careful not to practice your righteousness in front of others to be seen by them. If you do, you will have no reward from your Father in heaven.

2“So when you give to the needy, do not announce it with trumpets, as the hypocrites do in the synagogues and on the streets, to be honored by others. Truly I tell you, they have received their reward in full. 3But when you give to the needy, do not let your left hand know what your right hand is doing, 4so that your giving may be in secret. Then your Father, who sees what is done in secret, will reward you. [Matt. 6:1-4]


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