Businessman, investor and tech magnate Elon Musk has announced his intention to donate approximately $45 million each month to a new fund aimed at supporting Donald Trump’s bid for the US presidency.
This disclosure was reported by the Wall Street Journal on Monday.
According to the report, Musk’s financial contributions will be directed to a political group named America PAC, which is dedicated to enhancing voter registration, early voting, and mail-in ballots in key swing states in preparation for the November 2024 election.
Sources familiar with the development said Musk is among several prominent backers of the fund that include notable supporters like Palantir’s co-founder, Joe Lonsdale; former US Ambassador to Canada, Kelly Craft; and cryptocurrency investors, Tyler and Cameron Winklevoss.
LEADERSHIP recalls that the Tesla CEO officially endorsed Trump’s candidacy last Saturday, following the incident where the former president survived an assassination attempt at a political rally in Butler, Pennsylvania.
Musk expressed his support on the social media platform X, which he acquired in 2022, stating, “I fully endorse President Trump and hope for his rapid recovery.”
With an estimated net worth of $250 billion, Musk, the wealthiest individual globally, has become increasingly aligned with Trump throughout the 2024 election cycle.
In March, Musk and Trump had an in-person meeting during a donor breakfast at the Florida residence of billionaire Nelson Peltz.
Despite individual campaign donations in the US being capped at $3,300 per person, the campaign finance system allows for substantial contributions through political action committees (PACs). These PACs can receive unlimited funds from mega-donors to support their preferred candidates.
Interestingly, Trump has altered his stance on mail and absentee voting.
Initially critical of these voting methods but he has since shifted his perspective, recognising the advantage they provide to Democratic voters.