Elon Musk's Dogecoin Donation Helped 63 People Financially Hit By COVID-19, Says Charity

Tesla Inc TSLA CEO Elon Musk donated 150,000 Dogecoin DOGE/USD in February which funded 63 individuals in Rwanda who lost their income due to COVID-19, according to a social media post by GiveDirectly.

What Happened: GiveDirectly, a non-governmental organization that specializes in digital cash transfers to the impoverished, said on Twitter on Tuesday that each of the recipients received approximately $152.

hey @elonmusk your #dogecoin reached 63 recipients! https://t.co/ReJ8O6UqZd pic.twitter.com/9vlYon8Fn5
— GiveDirectly (@GiveDirectly) June 22, 2021

On Feb. 21, DOGE traded between $0.05 to $0.06. The donated amount, therefore, most likely ranged between $7500 to $9,000.

At press time, DOGE traded 5.54% higher at $0.21 over 24-hours. The Shiba Inu-themed currency is down 33.64% over a week.

DOGE traded 2.15% and 3.06% against Bitcoin BTC/USD and Ethereum ETH/USD over 24 hours. BTC traded 3.54% higher at $33,860.56 at press time, while ETH traded 2.74% higher at $2,001.09 in the same period.

Why It Matters: Musk, the third richest person on the Bloomberg Billionaires Index, had a total net worth of $172 billion at press time.

In January, Musk donated $5 million to the online education platform Khan Academy, the academy operates as a non-profit and provides free online education.

This month, Ethereum co-founder Vitalik Buterin, said he sold half of his DOGE holdings and received $4.3 million. He said he gave the profits to GiveDirectly.

Square Inc SQ and Twitter Inc TWTR CEO Jack Dorsey sold his first-ever tweet for $2.9 million as a non-fungible token or NFT in March and converted the proceeds to Bitcoin BTC/USD, which he also donated to Givedirectly’s Africa response.

Price Action: On Tuesday, Tesla shares closed 0.46% higher at $623.71.

Photo by NVIDIA Corporation on Flickr

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