Tech billionaire Elon Musk said he plans to put about $45 million a month into a new fund supporting US President Donald Trump, The Wall Street Journal reported on Monday.
The Journal reported, citing people familiar with the matter, that Musk’s donation will go to a political group called America PAC, which will focus on promoting voter registration, early voting and mail-in voting among residents in battleground states ahead of the November general election.
Musk is one of the new fund’s lead backers, but other backers reportedly include Palantir co-founder Joe Lonsdale, former U.S. Ambassador to Canada Kelly Craft, and crypto investors Tyler and Cameron Winklevoss.
The Tesla founder formally endorsed Trump for president on Saturday after the former president survived a shooting at a political rally in Butler, Pennsylvania.
“I fully support President Trump and wish him a speedy recovery,” Musk wrote on X, the social media platform he bought in 2022.
Musk, the world’s richest man with an estimated net worth of $250 billion, has been deepening his friendship with Trump ahead of the 2024 US presidential election.
The two met in person in March at a donor breakfast at billionaire Nelson Peltz’s Florida mansion.
In the United States, individual campaign contributions are capped at $3,300 per person, but a loophole in the campaign finance system allows large donors to give to funds called political action committees (PACs) that support candidates.
President Trump had previously criticized mail-in and absentee voting, but walked back his criticism after it became clear that Democrats had an advantage among mail-in voters.
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