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      Goldman Sachs Uses SpaceX IPO "Windfall" to Arrange $450 Million Charitable Donation Ahead of Schedule

      PANews, October 13 — According to a Bloomberg report, Goldman Sachs Group has arranged a $450 million charitable donation ahead of schedule, using a portion of the income it earned from the massive gains its wealthy clients reaped through SpaceX's record-breaking initial public offering (IPO). When Goldman Sachs released its third-quarter earnings on Tuesday, it separately disclosed this special expense under its expense items and noted that the charge reduced diluted earnings per share by about $1.

      More than five years ago, Goldman Sachs helped wealthy clients invest in Elon Musk's SpaceX. Earlier this year, the aerospace company went public at a valuation of $1.77 trillion, and Goldman Sachs clients who sold shares reaped massive gains, while Goldman Sachs also earned hundreds of millions of dollars from the deal. Goldman Sachs CEO David Solomon hinted at this arrangement back in September, saying the bank might use this windfall to make a large charitable donation ahead of schedule because doing so is more tax-efficient.


      Source: PANews
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