Elon Musk to contribute $45 million per month to pro-Trump super PAC - WSJ

July 16, 2024 06:16 PM AEST | By Investing

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Elon Musk to contribute $45 million per month to pro-Trump super PAC - WSJ

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Elon Musk plans to allocate approximately $45 million per month to a new super political-action (PAC) committee supporting former President Donald Trump’s presidential campaign, the Wall Street Journal reported on Wednesday.

This group, named America PAC, also counts among its backers Palantir Technologies Inc (NYSE:PLTR) co-founder Joe Lonsdale, the Winklevoss twins, former U.S. ambassador to Canada Kelly Craft, and her husband, Joe Craft, the CEO of Alliance Resource Partners LP (NASDAQ:ARLP).

Formed in June, America PAC aims to focus on voter registration and encouraging early and mail-in voting in swing states, the WSJ said, citing sources familiar with the matter. The coalition has observed that Democrats have historically excelled in "get out the vote" efforts and noted the significant resources the Biden campaign has dedicated to on-the-ground efforts in swing states. America PAC intends to counteract these efforts.

As the world’s richest individual with a net worth exceeding $250 billion, Musk’s planned contribution to America PAC is reportedly substantial.

A filing from Monday revealed that America PAC had raised $8.75 million in contributions during the three months ending June 30. According to the Wall Street Journal, Musk planned to begin his donations in July.

On Saturday, the Tesla Inc (NASDAQ:TSLA) CEO officially endorsed Trump for president following an assassination attempt on the former president at a rally in Pennsylvania.

“I fully endorse President Trump and hope for his rapid recovery,” Musk stated on X. He added, “Last time America had a candidate this tough was Theodore Roosevelt.”

Along with Lonsdale, the Winklevoss twins, and the Crafts, the filing listed several other donors to America PAC, many of whom have close ties to Musk.

Bloomberg News previously reported that Musk had donated to America PAC, though the extent of his commitment had not been disclosed.

This article first appeared in Investing.com

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