The Concern

On Tuesday, Elon Musk took the stand in a trial about whether Sam Altman had improperly converted OpenAI from a charitable organization into a for-profit company. Musk told the court that if the verdict permitted this kind of behavior, "the entire foundation of charitable giving in America will be destroyed." He added that this was, specifically, his concern.

He is the right person to raise this concern.

The Musk Foundation manages Elon Musk's charitable giving. Private foundations are required by law to distribute at least 5% of their assets annually. In 2024, the Musk Foundation held $14 billion in assets. It distributed $474 million — approximately $400 million short of the legally required minimum. (This was not a one-time calculation error. The foundation failed to meet the legal minimum in 2021. Then again in 2022. Then again in 2023. Then again in 2024. Four consecutive years. At some point the math becomes a philosophy.)

Of the $474 million the foundation did distribute, 78% went to a charity called The Foundation. The Foundation is controlled by Musk. It operates a private elementary school near several of his businesses in Texas.

When a private foundation donates money to a different organization controlled by the same person, this is, technically, a charitable distribution. The IRS form does not have a field for "irony."

Musk has given away less than one percent of his wealth. Forbes estimates his net worth at approximately $300 billion, depending on the day. Less than one percent of $300 billion is still a large number in absolute terms, which is why it is possible to read about it in places that describe it as generous without running the denominator.

In court, he said the entire foundation of charitable giving in America was at risk.

The Musk Foundation's 2025 tax filing is not yet public.

The deadline is November.