Just four months ago, Elon Musk declared he wouldn’t be “donating money to either” candidate for president. Now, reports suggest he is pledging to donate $45 million each month to a super political action committee supporting former president Donald Trump.
The Wall Street Journal, citing sources, indicates that Musk will support America PAC, a group formed in June focused on voter registration and other campaign activities. Musk plans to start donating in July, potentially contributing $180 million in total to the PAC.
This marks a significant shift for Musk toward right-wing politics and signals his growing connections with Trump. Despite Trump and his running mate’s skepticism about electric vehicles, Musk officially endorsed Trump on Saturday.
“I fully endorse President Trump and hope for his rapid recovery,” Musk stated on X, shortly after Trump survived an assassination attempt.
Over recent months, Musk and Trump have reportedly grown closer, speaking “several times a month” on topics like the U.S. Space Force, immigration, electric vehicles, cryptocurrency policy, and a possible advisory role if Trump secures a second term, according to Bloomberg News. However, Musk denies these reports.
Axios reports that Musk, former Fox News host Tucker Carlson, and “Paypal mafia” member David Sachs urged Trump to choose J.D. Vance as his running mate on Monday. Vance, a Republican senator from Ohio, has connections to Peter Thiel, co-founder of Palantir and Paypal.
As of June 30, America PAC has raised about $8.75 million from donors, most of which has already been spent. The group has notable backers from private equity and venture capital backgrounds.
Antonio Gracias, founder and CEO of Valor Equity Partners and an early investor in Tesla, is among America PAC’s top donors, giving $1 million. Doug Leone, a Sequoia Capital partner, and Alliance Resource Partners CEO Joe Craft, along with Lonsdale Enterprises’ Joe Lonsdale, have also contributed $1 million each. Jimmy John Liautaud, founder and former chairman of Jimmy John’s, also donated $1 million. In 2020, Liautaud donated $212,000 to Trump’s campaign.
Other contributors include the billionaire Winklevoss twins and Sequoia’s Shaun Maguire. Following Trump’s conviction on 34 felony counts in May, Maguire donated $300,000 to Trump and his affiliates.