727 FinancePANews October 13 news, according to Bloomberg, Goldman Sachs Group used a portion of the revenue it earned from the huge gains made by its wealthy clients through SpaceX's record-breaking initial public offering (IPO) to arrange $450 million in charitable donations in advance. When Goldman Sachs released its third-quarter earnings report on Tuesday, it separately disclosed this special expense under expense items and noted that the expense 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 obtained huge gains, while Goldman Sachs also earned hundreds of millions of dollars from it. Goldman Sachs Chief Executive Officer David Solomon hinted at this arrangement in September this year, saying that the bank might use this windfall to make large-scale charitable donations in advance because doing so is more tax-efficient.