Just four months ago, Elon Musk stated he wouldn’t be “donating money to either” presidential candidate. Now, he’s reportedly pledging $45 million each month to a super political action committee supporting former president Donald Trump.
The Wall Street Journal, citing sources familiar with the matter, reports that Musk will support America PAC, a group formed in June to focus on voter registration and other “get out the vote” activities. The Journal states that Musk plans to start donating to the committee in July, potentially contributing up to $180 million to the PAC.
This marks the culmination of over a year of Musk’s public shift towards right-wing politics and signifies growing ties to Trump. Despite the former president and his running mate’s disapproval of electric vehicles, Musk formally endorsed Trump on Saturday.
“I fully endorse President Trump and hope for his rapid recovery,” Musk said on X, just hours after an assassination attempt on the former president.
Over recent months, Musk has reportedly developed a closer relationship with Trump, speaking with him “several times a month” on topics like the U.S. Space Force, which Trump created, and immigration. Musk has also advised Trump on electric vehicles, cryptocurrency policy, and a potential advisory role if Trump wins a second term in November, according to Bloomberg News. However, Musk has denied these reports.
Axios reports that Musk, former Fox News host Tucker Carlson, and “Paypal mafia” member David Sachs encouraged Trump to choose Vance as his running mate. Vance, a Republican representing Ohio in the Senate, is a former venture capitalist connected to Peter Thiel, a co-founder of Palantir and PayPal.
As of June 30, America PAC has received about $8.75 million from donors, most of which has already been spent. The group is supported by several major backers with backgrounds in private equity or venture capital.
Antonio Gracias, the founder and CEO of Valor Equity Partners and an early institutional investor in Tesla, is one of America PAC’s biggest donors, contributing $1 million. Other significant contributors include Doug Leone, a Sequoia Capital partner; Joe Craft, CEO of Alliance Resource Partners; Joe Lonsdale’s Lonsdale Enterprises; and Jimmy John Liautaud, the founder and former chairman of Jimmy John’s, each donating $1 million.
Additional donors include the billionaire Winklevoss twins and Sequoia’s Shaun Maguire. Following Trump’s conviction on 34 felony counts in May, Maguire stated he donated $300,000 to Trump and his affiliates.