Elon Musk makes ‘sizeable’ donation to Donald Trump’s presidential campaign ahead of US election 2024

Elon Musk, who is the richest person in the world as per the billionaire’s index, contributed to a low-profile group called America PAC, which is working on the presidential campaign of Donald Trump. The exact amount of the donation currently remains undisclosed, but people familiar with the matter described it as a “sizeable” donation. The PAC is next required to disclose its list of donors on July 15.

The tech mogul, who has a net worth of over $263 billion, has earlier insisted that he prefers to stay out of politics and described himself as a political independent. However, Musk has recently become a figure who regularly uses his X social-media platform to espouse right-leaning views and assail Democrats, especially closer to the US election 2024.

The money injection from Musk comes at a time when Trump has overtaken his rival, President Joe Biden, in fundraising with the help of deep-pocketed Wall Street and corporate donors. Biden’s own money raising has dropped off following a calamitous debate that led prominent Democratic donors to put away their checkbooks.

Elon Musk has not yet publicly endorsed any political leader in the 2024 presidential race, and had said earlier this year that he did not anticipate financing either Trump or Biden’s election efforts. However, his hefty donation towards Trump’s campaign presents an opportunity for him to become a financial juggernaut for Republicans.

This is shaping up to be the most expensive US presidential election in history, with America PAC is the biggest spender on direct voter contacts. It has spent $15.8 million so far, with $13.1 million of that going for field operations, federal records show. It has also paid for digital media, texting and phone calls to reach voters.

While Trump and Elon Musk have clashed in the past multiple times over free speech issues, the two have grown closer with the tech entrepreneur advising the former president on electric vehicles and crypto policy.

(With inputs from Bloomberg)