WASHINGTON, USA: Tech billionaire Elon Musk has announced plans to contribute approximately $45 million each month to a new fund supporting Donald Trump’s presidential campaign, according to a report by the Wall Street Journal.
This substantial financial commitment will be directed towards America PAC, a political group focused on enhancing voter registration, early voting, and mail-in ballots in key swing states ahead of the November general election.
Musk is among several high-profile backers of America PAC. Other notable supporters include Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss.
Musk formally endorsed Trump’s candidacy on Saturday, shortly after the former president survived an assassination attempt at a rally in Butler, Pennsylvania. “I fully endorse President Trump and hope for his rapid recovery,” Musk posted on the social media platform X, which he acquired in 2022.
Musk, the world’s richest person with an estimated net worth of $250 billion, has shown increasing alignment with Trump throughout the 2024 election cycle. In March, Musk and Trump met in person during a donor breakfast hosted at the Florida residence of billionaire Nelson Peltz.
In the US, individual campaign donations are capped at $3,300 per person, but loopholes in campaign finance laws allow mega-donors to contribute to political action committees (PACs), which support candidates more extensively. Despite Trump’s previous criticisms of mail and absentee voting, he has softened his stance after recognizing the advantage it gives to Democratic voters.
