Just four months ago, Elon Musk stated he wouldn’t be providing financial support to either presidential candidate. Now, reports indicate he plans to donate $45 million monthly to a super political action committee backing former president Donald Trump.
Citing individuals familiar with the situation, The Wall Street Journal reports that Musk will support America PAC. This group, formed in June, focuses on voter registration and participation activities. Musk’s contributions to the committee are expected to start in July, potentially totaling $180 million.
This marks a significant turn in Musk’s public political stance and indicates strengthened ties with Trump. Despite Trump and his running mate’s criticism of electric vehicles, Musk formally endorsed Trump on Saturday.
“I fully endorse President Trump and hope for his rapid recovery,” Musk stated on X, hours after an assassination attempt on Trump.
Musk’s relationship with Trump has reportedly grown closer over recent months, with frequent discussions on topics like the U.S. Space Force, immigration, EVs, and cryptocurrency policy. Bloomberg News reported that Musk has also advised Trump on a potential advisory role for a second term, though Musk has denied this.
Axios reports that Musk, former Fox News host Tucker Carlson, and David Sacks encouraged Trump to choose Vance as his running mate. Vance, a Republican senator from Ohio, is a former venture capitalist connected to Peter Thiel.
As of June 30, America PAC has received approximately $8.75 million from donors, most of which has been spent. The group has the backing of major investors in private equity and venture capital.
Antonio Gracias, founder and CEO of Valor Equity Partners and a Musk ally, contributed $1 million, matching donations from other notable figures. Doug Leone, a Sequoia Capital partner, Joe Craft, CEO of Alliance Resource Partners, and Joe Lonsdale of Lonsdale Enterprises also donated $1 million each. Jimmy John Liautaud, founder of Jimmy John’s, also contributed $1 million and previously donated $212,000 to Trump’s 2020 campaign.
Additional donors 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.