Tech billionaire Elon Musk plans to commit approximately $45 million each month to a new fund supporting Donald Trump’s bid for the US presidency, the Wall Street Journal reported on Monday.
Musk’s contributions will go to a political group called America PAC, which aims to enhance voter registration, early voting, and mail-in ballot efforts in swing states ahead of the November general election. The information comes from sources familiar with the matter.
Musk joins other notable backers of the fund, including Palantir co-founder Joe Lonsdale, former US Ambassador to Canada Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss.
The Tesla CEO formally endorsed Trump’s presidential candidacy on Saturday, following an assassination attempt on Trump at a political rally in Butler, Pennsylvania.
“I fully endorse President Trump and hope for his rapid recovery,” Musk posted on X, the social media platform he acquired in 2022.
READ ALSO: Trump Names J.D. Vance as Running Mate for 2024 Presidential Election
As the world’s wealthiest individual, with an estimated net worth of $250 billion, Musk’s support for Trump has intensified throughout the 2024 US election. In March, Musk and Trump met in person at a donor breakfast hosted by billionaire Nelson Peltz at his Florida residence.
While individual campaign donations in the US are capped at $3,300 per person, campaign finance loopholes allow political mega donors to channel funds through political action committees or “PACs” that support candidates.
Trump, who previously criticized mail and absentee voting, has since shifted his stance, recognizing the advantage Democrats hold among mail voters.
