Tesla CEO Elon Musk has announced plans to donate approximately $45 million each month to a new super political-action committee (Super PAC) supporting Donald Trump’s election bid.
According to the Wall Street Journal, these donations will go to America PAC, which aims to support Trump by promoting voter registration, early voting, and mail-in ballots in swing states ahead of the November general election.
Musk formally endorsed Trump’s candidacy for the US presidency on Saturday following the former president’s survival of a shooting at a political rally in Pennsylvania. “I fully endorse President Trump and hope for his rapid recovery,” Musk wrote on the social media platform X, formerly known as Twitter, which he acquired in 2022. He later went on to compare Donald Trump to Theodore Roosevelt.
Last time America had a candidate this tough was Theodore Roosevelt
— Elon Musk (@elonmusk) July 13, 2024
According to the Wall Street Journal, Musk plans to begin his donations next month. As the wealthiest man in the world, with an estimated net worth of $250 billion, Musk has increasingly aligned himself with Trump throughout the 2024 US election. In March, the two met in person at a donor breakfast hosted by billionaire Nelson Peltz in Florida.
While individual campaign donations in the US are capped at $3,300 per person, loopholes in the campaign finance system allow political mega-donors to contribute to political action committees (PACs), which support candidates. This allows Musk to make significant contributions to Trump’s campaign through America PAC.
