(MENAFN- Live Mint) Elon Musk, the richest person in the world, has opened up about his take on charity and philanthropy, calling the art of giving“very hard” and full of challenges.

In an interview with Zerodha co-founder Nikhil Kamath on his WTF Podcast, Musk said that while philanthropy is necessary to help fellow humans, it's not an easy job.

He was replying to a question by Nikhil Kamath, who asked about his take on philanthropy and charity.

“I think we should. I mean, I agree with the love of humanity, and we should definitely try to do things that help our fellow human beings. But it's very hard,” he said on the WTF Podcast, which was released on YouTube on Sunday.

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The Tesla CEO, whose net worth has remained above $400 billion for a while now, explained why it is difficult to give away money in real life.

“If you care about the reality of goodness rather than simply the perception of it, it's extremely difficult to give away money well,” he said.

Musk reveals biggest challenge of philanthropy

Talking about the Musk Foundation, the Tesla CEO told Nikhil Kamath on the WTF Podcast that the biggest challenge for the charity is to give the money away in a way that actually benefits people.

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“I have a large foundation, but I don't put my name on it. In fact, I've said I don't want my name on anything. The biggest challenge I find with the foundation is trying to give money away in a way that is truly beneficial to people,” Elon Musk said.

“It's very easy to give money away in a way that creates the appearance of goodness. It is very difficult-extremely difficult-to give money away for the reality of goodness,” he added.

Musk has in the past been skeptical about donating money as well.

“I think if you care about the reality of goodness instead of the perception of it, philanthropy is extremely difficult,” he told Chris Anderson in 2022.

How much does Elon Musk donate to charity?

According to a report by Bloomberg in November this year, Elon Mus donated a record $474 million to charity in 2024. The vast majority of the donations went to the entities controlled by him.

About $370 million in funds of the Musk Foundation, Elon Musk's charity, went to Foundation - a nonprofit set up by the Tesla CEO to establish a STEM-focussed primary and secondary school, according to tax filings cited by Bloomberg.

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A donor-advised fund at Fidelity Charitable received another $35 million, while the remaining of the money went to a host of other nonprofit organisations including groups working in areas like healthcare, disaster relief and education.

Watch the full Elon Musk WTF Podcast with Nikhil Kamath here:

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