After being named as one of the richest people on the planet recently, Elon Musk on Thursday he took to Twitter to announce his plans for less than a per cent of his net worth.
“Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted. “Details next week.”
Carbon capture refers to a wide array of mostly nascent technologies that can take carbon dioxide from the atmosphere and either store it somewhere (underground, for example) or convert it into products ranging from fuel to sunglasses.
The goal here is to reduce levels of CO2, which is a key driver of climate change.
What exactly Musk has in mind isn’t clear, but it’s worth noting that the Carbon XPrize is now in its sixth year and looks to finally wrap up in the coming months. Grand prize winners in three categories will get $7.5 million (UGX 27,665,632,500) each.
Elon Musk wants to save the planet
Musk has supported the XPrize Foundation in the past, and TechCrunch reports that it will be involved in Musk’s announcement next week.
Over the years, Musk has said his two main business ventures, Tesla Motors and SpaceX, are motivated by his desire to address climate change and to provide a backup plan for humanity (on Mars), respectively.
Over the past year, Elon’s net worth has grown by more than $150 billion, making it the fastest growth in wealth in history so far. The rise was fueled by an unprecedented rally in Tesla’s stock, which surged 743% last year on solid earnings, S&P 500 listing, and enthusiasm from Wall Street and retail investors.
Elon Musk took the lead, flying past Amazon founder Jeff Bezos to grab the title of world’s richest person this year. The title was given to the South African engineer due to 6% rise in Tesla (TSLA) shares which lifted the value of the company’s stock holdings and options by $10 billion, taking his net worth to about $191 billion.
Author: Allan Bangirana
Allan Bangirana is a freelance writer for Newslibre & Spur Magazine. He is passionate about tech, games and occasionally writes about entertainment, lifestyle and so much more.