Tech billionaire Elon Musk plans to contribute around $45 million each month to a new fund supporting Donald Trump’s presidential campaign, according to the Wall Street Journal.
The fund, named America PAC, aims to boost voter registration, early voting, and mail-in ballots in swing states ahead of the November election. Musk joins other significant backers, including Palantir co-founder Joe Lonsdale, former US ambassador Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss.
Musk formally endorsed Trump on Saturday following a shooting incident at a 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.
As the world’s wealthiest man with an estimated net worth of $250 billion, Musk’s support for Trump has grown during the 2024 election cycle. The two met in March at a donor breakfast hosted by billionaire Nelson Peltz.
While individual campaign donations are capped at $3,300 per person, loopholes in the campaign finance system allow mega-donors to contribute to political action committees (PACs) supporting candidates.
Trump, who had previously criticized mail-in voting, has softened his stance as it became evident that Democrats held an advantage among mail voters.
