Henrik Fisker, founder of the failed EV Startup Fisker Inc., and his wife Geeta, quietly defeated the private charity foundation, which was founded in late 2021.
Tax filings filed with the Internal Revenue Service in December 2024, six months after Fisker Inc. went bankrupt, were marked as the Foundation’s “final revenue.” The submission was published earlier this year.
The Geeta & Henrik Fisker Foundation, as is known, was ultimately given only about $100,000 over its three-year existence. Henrik Fisker did not respond to a message seeking comment.
The short existence of Fiskers’ Foundation is another example of how the electric car startup boom of the 2020s was published through a merger of Special Purpose Acquisition Companies (SPACs).
When Libian was published via a traditional IPO in 2021, it announced its own foundation and flashed with 1% of EV’s stake. The stock was worth around $643 million at one point, but eventually reduced to less than $100 million. But the Libian Foundation is still kicking. The nonprofit won its first $10 million grant last year, and its website shows the foundation made an additional $2.2 million in 2025.
Fiskers created the foundation in late 2021 and the IRS submission was made public about a year after the company was released by merger with SPAC. They transferred 229,000 shares of shares to a nonprofit in December of that year. This was worth around $4 million at the time of the donation. The couple also appears to have donated about $5,000 in cash in that first year. (Geeta Gupta Fisker was the Chief Financial and Chief Operating Officer of Fisker Inc.)
The company did not announce the establishment of the Marriage Team Foundation until February 14, 2022. The press release had promoted the $4 million figure, but by that point, Fisker’s stock had fallen well enough, with the company’s nonprofit already worth around $2.7 million.
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The foundation did not grant funding for the first fiscal year, the filing shows. When the fiscal year ended on September 30, 2022, the value of the shares fell to approximately $1.7 million.
Fisker’s stock continued to slip as it put its electric SUV into production in late 2022 and began deliveries in mid-2023, struggling to sell defective EVs.
In the Foundation’s 2022 fiscal year (ends September 30, 2023), the submission stated that JP Morgan’s Charitable Gift Fund had only one grant worth $92,287. The Fiskers also donated $9,500 in cash to the foundation that year. So the stock (a total of about $1.4 million that sank again) was almost all of its assets.
The latest submission to shut down nonprofits shows only one grant in the foundation’s final year.
The Geeta & Henrik Fisker Foundation was not the couple’s only source of charity, but details about other contributions are difficult.
A 2022 press release noted that since establishing the EV startup in 2016, Fisca “supported a variety of causes, including those engaged in education and medical projects.”
The release also states that Fiskers donated about $1.9 million worth of corporate stock in December 2021 to donors (DAF). However, the donation came from the personal trust of the Fiskers, but not from the Geeta & Henrik Fisker Foundation, but from the SEC filing show. And neither the press release nor the SEC filing says that any DAF has received the shares.
DAFS is a somewhat controversial tool for charity gifts. People who donate to DAFS can decide where those funds will ultimately go, but they don’t need to make that information public. In the meantime, donating shares to the DAF will allow those who are contributing to deduct the value of the shares from tax, even if the value of the shares sinks.
DAFS can also stick to that money for indiscriminate time. Therefore, it is impossible to know whether the DAF, which received $1.9 million in Fisker’s shares, granted grants before or after the value of those shares fell.
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