The Wall Street Journal stated on Monday that tech entrepreneur Elon Musk intends to donate about $45 million every month to a new fund endorsing Donald Trump for US president.
According to the Journal, which cited sources with knowledge of the situation, Musk’s contributions will be made to America PAC, a political organization that will encourage voters in swing states to register to vote, cast early ballots, and mail in their votes before the general election in November.
Along with former US ambassador to Canada Kelly Craft, Palantir co-founder Joe Lonsdale, and cryptocurrency investors Tyler and Cameron Winklevoss, Musk is one of the fund’s primary sponsors.
After the former president survived a shooting at a political rally in Butler, Pennsylvania, on Saturday, the founder of Tesla officially endorsed Trump’s bid for the presidency of the United States.
Musk posted on the social media network X, which he purchased in 2022, saying, “I fully endorse President Trump and hope for his rapid recovery.”
With an estimated net worth of $250 billion, Musk is the richest person in the world. During the course of the US election in 2024, he has gotten closer to Trump.
The two had their first in-person meeting in March at a donor breakfast held at billionaire Nelson Peltz’s home in Florida.
Despite the $3,300 cap on individual campaign contributions in the US, political megadonors are able to give to political action committees, or “PACs,” which are organizations that promote political candidates, thanks to flaws in the campaign finance system.
Trump has retracted his earlier critiques on mail-in and absentee voting as it became apparent that Democrats had a greater advantage over mail-in voters.
