Musk pledges to donate $45 million to Trump campaign – every month

US presidential election

Published 17 July 2024
- By Editorial Staff
Elon Musk has decided to publicly support Trump's candidacy.

Entrepreneur and tech billionaire Elon Musk has confirmed that he will donate approximately $45 million each month to a new foundation aimed at helping Donald Trump win the presidential election.

The donations will go to the pro-Trump group America PAC and will focus primarily on voter registration, early voting and absentee voting among residents of states that have historically been close between Republicans and Democrats and where the outcome of the election is uncertain.

In addition to Trump, the foundation has other prominent donors, including Palantir founder Joe Lonsdale, former US Ambassador to Canada Kelly Craft, and prominent cryptocurrency investors Tyler and Cameron Winklevoss.

After the attempted assassination of Donald Trump, Elon Musk went public and endorsed Trump’s candidacy, stating “I fully endorse President Trump and hope for his rapid recovery”.

Circumvents $3,300 limit

Musk is one of the richest men in the world, with an estimated net worth of around $250 billion, and he and Trump now reportedly have a good personal relationship, including after they met and spoke at a breakfast for financiers at billionaire Nelson Peltz’s Florida estate this spring.

But not everyone is happy with the announcement. Critics say individual campaign contributions in the US are capped at $3,300 per person – but that loopholes in the law still allow “mega-funders” like Musk to circumvent the system and contribute millions or billions of dollars through foundations to help their favorite candidates rise to power.

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