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Sergiy Brin sold his Tesla stock to fund a new nonprofit group.
Seems a bit tabloid-y for Bloomberg. It's got all the hallmarks of a daily mail front page, except for a rhyme. * Alliterative "billionaire brin" * Grammatically inexact reference to a polarizing company/product. * Pun on "giving vehicle" to refer to a nonprofit organization.
> Sergey Brin’s latest nonprofit, Catalyst4, offers the Google co-founder tax breaks, as well as increased levels of flexibility, secrecy and political influence What an awful, cynical way to describe someone donating billions of dollars into philanthropic causes. Bloomberg can do better.
The Venn diagram overlap between philanthropic foundation, tax shelter and influence operation seems to be rather large these days.
Sergiy Brin sold his Tesla stock to fund a new nonprofit group.
It sounded like he was developing a new, more magnanimous electric car. I wasn't sure how cars can be magnanimous or selfless, but I was prepared for the article to explain. Maybe it reads you Shel Silverstein books while you drive.
> Sergey Brin’s latest nonprofit, Catalyst4, offers the Google co-founder tax breaks, as well as increased levels of flexibility, secrecy and political influence What an awful, cynical way to describe someone donating billions of dollars into philanthropic causes. Bloomberg can do better.
> a 501(c)(4), which allows Brin to exploit a powerful new philanthropic strategy new? a cursory reading of the 500 section of the tax code has that listed in plain English, and it wasn't invented or modified at all in any recent tax code. I read the article hoping there was something mentioned about why it was "new". Its just new to that guy, or new to a broader collective conscious with a few high profile entrants.…
501(c)(8) is a hoot. Check out one of the legal requirements to be covered by it.
The Venn diagram overlap between philanthropic foundation, tax shelter and influence operation seems to be rather large these days.
Musk: "hey Sergei, want in on this Twitter deal, say $2B? Ellison wants all of it, but I can hold $2b for you."
Brin (to Musk): "No."
Brin (to financial advisor): "Let's game plan out the impact on Tesla stock if Musk buys Twitter..."
>The Tesla shares were sold by Catalyst4 for $366 million over four days starting Dec. 14, 2021, the filings show.
So, if Catalyst4 sold the shares in December 2021, it cannot have been created with them.
On the other hand if the new organization is being setup now, where was the money stored since then?