Elon Musk pledges $45 million a month to electing Trump

Tech billionaire Elon Musk announced plans to contribute approximately $45 million monthly to a new fund supporting Donald Trump’s candidacy for US president, as reported by the Wall Street Journal on Monday.

 

Musk’s donations will bolster a political group called America PAC, which aims to boost voter registration, early voting, and mail-in ballots in swing states leading up to the November general election, according to sources familiar with the initiative cited by the Journal.

 

Alongside Musk, other prominent backers of the fund include Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss.

 

The Tesla CEO officially endorsed Trump’s presidential bid on Saturday following an incident at a political rally in Butler, Pennsylvania, where the former president narrowly escaped harm.

 

“I fully support President Trump and wish him a speedy recovery,” Musk posted on X, a social media platform he acquired in 2022.

 

With an estimated net worth of $250 billion, Musk, currently the world’s wealthiest individual, has developed a closer relationship with Trump throughout the 2024 US election cycle. In March, the two met in person at a donor breakfast held at the Florida home of billionaire Nelson Peltz.

 

While US campaign contribution limits restrict individual donations to $3,300 per person, loopholes in campaign finance regulations enable major donors to contribute substantial sums to political action committees (PACs) that support candidates.

 

Trump previously criticized mail-in and absentee voting but has softened his stance amid evidence showing Democrats’ advantage among mail voters.