Tech billionaire Elon Musk has announced plans to contribute approximately $45 million each month to a new fund supporting Donald Trump’s bid for the US presidency, according to a report by the Wall Street Journal.
Musk’s contributions will be directed to America PAC, a political group focusing on voter registration, early voting, and mail-in ballots in key swing states ahead of the November general election. The Wall Street Journal cited sources familiar with the initiative.
Musk is among several major supporters of this new fund, with other notable backers including 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 candidacy on Saturday, following the former president’s survival of a shooting at a political 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 man with an estimated net worth of $250 billion, has increasingly aligned himself with Trump during the 2024 US election. In March, the two met at a donor breakfast hosted by billionaire Nelson Peltz in Florida.
Despite individual campaign donations being capped at $3,300 per person in the United States, loopholes in the campaign finance system allow political mega-donors to contribute to political action committees, or PACs, which support candidates.
Although Trump had previously criticized mail-in and absentee voting, he has since revised his stance after recognizing the advantage it provided to Democrats.
