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Elon Musk Commits $45m Monthly To Support Trump’s Presidential Bid

by Nafisat Abdulrahman
1 year ago
in News
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Businessman, investor and tech magnate Elon Musk has announced his intention to donate approximately $45 million each month to a new fund aimed at supporting Donald Trump’s bid for the US presidency.

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This disclosure was reported by the Wall Street Journal on Monday.

According to the report, Musk’s financial contributions will be directed to a political group named America PAC, which is dedicated to enhancing voter registration, early voting, and mail-in ballots in key swing states in preparation for the November 2024 election.

Sources familiar with the development said Musk is among several prominent backers of the fund that include notable supporters like Palantir’s co-founder, Joe Lonsdale; former US Ambassador to Canada, Kelly Craft; and cryptocurrency investors, Tyler and Cameron Winklevoss.

LEADERSHIP recalls that the Tesla CEO officially endorsed Trump’s candidacy last Saturday, following the incident where the former president survived an assassination attempt at a political rally in Butler, Pennsylvania.

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Musk expressed his support on the social media platform X, which he acquired in 2022, stating, “I fully endorse President Trump and hope for his rapid recovery.”

With an estimated net worth of $250 billion, Musk, the wealthiest individual globally, has become increasingly aligned with Trump throughout the 2024 election cycle.

In March, Musk and Trump had an in-person meeting during a donor breakfast at the Florida residence of billionaire Nelson Peltz.

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Despite individual campaign donations in the US being capped at $3,300 per person, the campaign finance system allows for substantial contributions through political action committees (PACs). These PACs can receive unlimited funds from mega-donors to support their preferred candidates.

Interestingly, Trump has altered his stance on mail and absentee voting.

Initially critical of these voting methods but he has since shifted his perspective, recognising the advantage they provide to Democratic voters.


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Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

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