The Doge department is a nod to the shiba inu doge meme that's also linked to the dogecoin cryptocurrency, named by Elon Musk as his "favorite" cryptocurrency and accepted as payment by his Tesla car company—though Tesla continues to hold around 10,000 bitcoin worth around $1 billion on its balance sheet.

In 2022, he donated Tesla shares worth $1.95 billion, and in 2021, he contributed approximately $5.74 billion to the Musk Foundation, his nonprofit organization.

The transaction was part of Musk’s year-end tax planning. The recipients “have no current intention to sell” the shares, the Securities and Exchange Commission filing said.