Elon Musk is currently the only contributor to his political action committee, America PAC.
The billionaire entrepreneur set up the committee in May to endorse Donald Trump’s reelection efforts and has since contributed $75 million, based on Federal Election Commission records.
Musk’s backing has positioned him as a significant figure in Trump’s campaign against Vice President Kamala Harris. Recently, he joined Trump at a rally in Butler, Pennsylvania, where he dubbed himself “dark MAGA.”
Throughout the campaign, Trump has frequently highlighted Musk’s support and has hinted at involving him in a proposed government efficiency commission if he wins again.
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Musk’s contributions to the PAC include a notable $30 million in September, the largest of his seven donations. Earlier in August, he gave $7.5 million twice, followed by an additional $15 million later in the month.
This support came after a troubling incident in July, when an assassination attempt was made during a Trump rally in Butler, resulting in one death and multiple injuries. Musk attended the rally after the attempt, expressing concerns that Democrats want to infringe on freedoms like speech, gun rights, and voting.
Originally from South Africa, Musk is on track to potentially become the world’s first trillionaire, as reported by CNN.
Both the Trump and Harris campaigns are vying for substantial financial backing from influential figures. As noted by The Independent, Harris has attracted $1 billion in donations since launching her campaign in July.
Additionally, notable contributions include Netflix CEO Reed Hastings with $7 million for a Harris-supporting super PAC, and LinkedIn co-founder Reid Hoffman with $1.7 million.
Meanwhile, Trump has successfully raised $600 million for his campaign, with Woody Johnson, heir to Johnson & Johnson and co-owner of the New York Jets, donating $1 million to MAGA Inc., a Trump super PAC.
Musk’s $75 million donation represents over 10 percent of the total funds raised by the Trump campaign.
According to a report from OpenSecrets, spending on federal elections this year is projected to hit a record $15.9 billion, which is an increase of $800 million compared to the previous record set in 2020.