CEO of Tesla Motors Elon Musk has declared that he plans to give $45 million each month to a fund supporting Donald Trump for US presidential elections, according to the media reports.
‘Musk’s donations will go to a political group called America PAC, which will promote voter registration, early voting, and mail-in ballots among residents in swing states ahead of the November general election, citing people familiar with the matter’, according to the Journal.
Notably, Musk is among many major contributor of the new fund, with others including Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft and cryptocurrency investors Tyler and Cameron Winklevoss.
Musk endorsed Trump’s candidacy for US president on Saturday after the former president survived a shooting at a rally in Pennsylvania. ‘I fully endorse President Trump and hope for his rapid recovery’, Musk wrote on the social media platform X.
The Tesla owner- the wealthiest man in the world with an estimated net worth of $250 billion, has become more friendly with Trump over the course of the 2024 US election.
In March, the two met in person during a donor breakfast hosted at the Florida residence of billionaire Nelson Peltz. Although individual campaign donations in the United States are capped at $3,300 per person, but the loopholes in the campaign finance system allow political donors to contribute to funds known as political action committees, or “PACs,” which support candidates.
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