Tesla CEO Elon Musk, the world’s richest man, will give around $45 million a month to a new super PAC supporting former President Donald Trump, The Wall Street Journal reported, days after Musk endorsed Trump’s 2024 campaign following Saturday’s assassination attempt against Trump.
Chief Technology Officer of X Elon Musk speaks onstage during the “Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk” session at the Lumiere Theatre during the Cannes Lions International Festival Of Creativity 2024 – Day Three on June 19, 2024 in Cannes, France. (Photo by Richard Bord/WireImage)
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Key Takeaways
- Musk—who initially said he planned to remain neutral in the 2024 presidential race—has informed people of his plans to donate to the newly founded group, the America PAC, the Journal reported, citing sources familiar with Musk’s plans.
- Bloomberg reported last week that Musk had already given a sizable amount to the group, citing unnamed sources.
- The group told The New York Times—which also reported Monday that Musk was likely to support the new super PAC—that it believes another Biden presidency “is a grave threat to the financial and physical safety of the United States.”
- America PAC is backed by billionaire and private equity donor Antonio Gracias; Ken Howery, a former PayPal executive alongside Musk and Trump’s former ambassador to Sweden; and billionaire venture capitalist Doug Leone, who have each donated $1 million, according to The Times.
- Sequoia Capital investor Shaun Maguire and tech founder John Hering also donated $500,000 each, while cryptocurrency billionaires Cameron and Tyler Winklevoss gave $250,000 each, The Times reported, noting the group is led, in part, by Palantir Technologies co-founder Joe Lonsdale.
Forbes Valuation
We estimate Musk is worth $252.3 billion.
Key Background
The news comes after Musk on Saturday endorsed Trump for president minutes after Trump was shot in the ear at his rally in Pennsylvania and rushed off stage by Secret Service, his face streaked with blood, in a surreal moment for the 2024 campaign. “I fully endorse President Trump and hope for his rapid recovery,” Musk wrote on X, formerly known as Twitter, sharing a video of Trump being escorted from the rally.
Musk has been cozying up to Trump in recent months, including reportedly meeting with Trump and Republican donors in Palm Beach, Florida in March. After reports of the meeting surfaced, Musk tweeted “Just to be clear, I am not donating money to either candidate for US president.”
Musk has donated to both Republicans and Democrats in the past, but he has shifted to the right in recent years, urging people to vote for Republicans in the 2022 midterms and openly criticising President Joe Biden, including his promotion of electric vehicle manufacturing and his immigration policies.
This article was originally published on forbes.com and all figures are in USD.
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