Tech billionaire Elon Musk has announced plans to commit roughly $45 million each month to a new fund backing Donald Trump for US president, the Wall Street Journal reported on Monday. The significant financial support will be directed towards America PAC, a political group dedicated to promoting voter registration, early voting, and mail-in ballots among residents in key swing states ahead of the November general election.
Musk's contributions place him among several high-profile backers of the fund, which reportedly includes Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss.
The Tesla founder formally endorsed Trump's candidacy for the US presidency on Saturday, shortly after the former president survived a shooting at a political rally in Butler, Pennsylvania. "I fully endorse President Trump and hope for his rapid recovery," Musk wrote on the social media platform X, which he acquired in 2022.
Musk, whose estimated net worth is $250 billion, has grown increasingly friendly with Trump throughout the 2024 US election cycle. In March, the two met in person during a donor breakfast hosted at the Florida residence of billionaire Nelson Peltz.
Despite individual campaign donations in the United States being capped at $3,300 per person, political mega-donors like Musk can contribute to political action committees (PACs), which support candidates. Trump's campaign, which once criticized mail and absentee voting, has since shifted its stance after recognizing the advantage Democrats held with mail-in voters.
Musk's contributions place him among several high-profile backers of the fund, which reportedly includes Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss.
The Tesla founder formally endorsed Trump's candidacy for the US presidency on Saturday, shortly after the former president survived a shooting at a political rally in Butler, Pennsylvania. "I fully endorse President Trump and hope for his rapid recovery," Musk wrote on the social media platform X, which he acquired in 2022.
Musk, whose estimated net worth is $250 billion, has grown increasingly friendly with Trump throughout the 2024 US election cycle. In March, the two met in person during a donor breakfast hosted at the Florida residence of billionaire Nelson Peltz.
Despite individual campaign donations in the United States being capped at $3,300 per person, political mega-donors like Musk can contribute to political action committees (PACs), which support candidates. Trump's campaign, which once criticized mail and absentee voting, has since shifted its stance after recognizing the advantage Democrats held with mail-in voters.
