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As of the time of writing, there is no indication that Elon Musk will make good on his promise to liquidate some of his Tesla shareholdings.
In late October, Elon Musk, the Chief Executive Officer of Tesla Inc (NASDAQ: TSLA) challenged the United Nations World Food Programme (WFP) to release a plan on how it will use $6 billion in tackling world hunger. Should a satisfactory proposal be presented, he noted he is ready to sell off the Tesla shares equivalent to the amount to support the campaign to eradicate world hunger.
The Musk response stemmed from an earlier interview hosted by CNN and featured David Beasley, the UN WFP boss, who called on the world’s richest men to donate a fraction of their networth to help fight hunger. The challenge has been responded to by the WFP, and as announced by Beasley, the UN WFP team is ready to talk with Elon Musk on how his impact can be channeled.
“The world is on fire. I’ve been warning about the perfect storm brewing due to Covid, conflict, climate shocks & now, rising supply chain costs. IT IS HERE. 45M lives are at stake – and increasing daily. If you don’t feed people, you feed conflict, destabilization & mass migration,” he said in a tweet. “This hunger crisis is urgent, unprecedented, AND avoidable. @elonmusk, you asked for a clear plan & open books. Here it is! We’re ready to talk with you – and anyone else – who is serious about saving lives. The ask is $6.6B to avert famine in 2022.”
Details of the WFP Hunger Tackling Plan
As part of the summarized details shared by the WFP, some $3.5 billion has been earmarked for food and its delivery. According to the details shared, this will include “the cost of shipping and transport to the country, plus warehousing and “last mile” delivery of food using air, land and river transport, contracted truck drivers and required security escorts in conflict-affected zones to distribute food to those who need it most.”
About $2 billion will be reserved for cash and food vouchers, the duo of which includes the transaction fees. This assistance is designed to help those who have access to buy food while also supporting local economies. $700 million is reserved for country-specific costs to design, scale up, and manage the hunger alleviation logistics in about 43 countries.
In all, the WFP says it will allocate $400 million for global and regional operations management, administration, and accountability. This will include the “coordination of global supply lines and aviation routes; global logistics coordination such as freight contracting; global monitoring and analysis of hunger worldwide; and risk management and independent auditors dedicated to oversight.”
As of the time of writing, there is no indication that Elon Musk will make good on his promise to liquidate some of his Tesla shareholdings. However, the vocal billionaire recently sold off as much as $5 billion worth of Tesla shares in the past week following a Twitter poll that prompted him to do so. For hunger alleviation, Elon Musk may be more motivated to do the same.