Elon Musk teased his latest philanthropic endeavor on Thursday: a contest meant to encourage more-innovative carbon-capture technologies.
"Am donating $100M towards a prize for best carbon capture technology," Musk tweeted, adding that he would provide "details next week."
Musk, the CEO of Tesla and SpaceX who briefly passed Amazon CEO Jeff Bezos as the world's richest person before a slide in Tesla's stock price dropped him back a spot, recently asked his Twitter followers for advice on how to best give away his money.
"Critical feedback is always super appreciated, as well as ways to donate money that really make a difference (way harder than it seems)," Musk tweeted earlier this month.
In 2012, Musk signed the Giving Pledge, an initiative launched by Bill Gates and Warren Buffett that asks signatories to donate at least half of their wealth within their lifetime. He has primarily donated toward science and engineering education, renewable-energy research, pediatric research, and research into human space exploration.
But an estimate by Forbes in September found that Musk had donated just $100 million — less than 1% of his net worth, which consists mostly of stock in his companies.
Still, Musk's proposed carbon-capture contest would go toward a cause that is likely to play a major role in fighting climate change moving forward, especially under the Biden administration.