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”.
JUST IN: A group of ultra wealthy people are donating millions to a super pac backing Donald Trump for President. Elon Musk is leading the charge with $45 million per month to get Trump elected.
It’s over for the democrats. Not only will Trump win in November, he will sweep… pic.twitter.com/B8eKefv3jL
— Travis (@Travis_4_Trump) July 16, 2024
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.