The bull-market bonanza has done more than just make the wealthy wealthier over the last decade. It has also supercharged the asset value of many Silicon Valley charities, which often invest their endowments in their founders’ company stock. There is no better exemplar of this trend than Elon Musk, whose personal foundation assets—much of which is likely Tesla stock—almost quintupled in value from summer 2019 to summer 2020, from $207 million to $930 million. Foundations invest in asset classes of all types, and if a donor makes a contribution in their company stock, foundations don’t have any obligation to diversify. I hear Tesla has been doing pretty well.