Elon Musk to donate $100M prize for best carbon capture technology


Musk launched the carbon-capture initiative in hopes of fighting climate change. This comes in conjunction with Pres. Joe Biden taking office, and implementing immediate actions to address climate change on his first day in presidency. Biden’s administration rejoined the Paris climate agreement and revoked the Keystone XL oil pipeline’s federal permit.

Where do Musk’s donations usually go?

In 2012, Musk signed the Giving Pledge initiative launched by Warren Buffett and Bill Gates. The philanthropic initiative asked signatories to donate at least half of their wealth during their lifetime.

According to an estimate by Forbes in September, Musk have donated $100 million — only 1% of his net worth.

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Musk also donated $5 million to Khan Academy, and most of his other investments were dedicated to science, renewable energy research, human space exploration, and pediatric research.

According to Bloomberg Billionaire Index, Musk’s net worth is standing at $201 billion. On the other hand, Amazon’s Jeff Bezos has $193 billion and is currently the second richest person, while Bill Gates stands at the third place with $134 billion.