Elon Musk To Pour $45M Monthly In Pro-Trump Super PAC, Joined By Palantir's Joe Lonsdale, Winklevoss Twins And High-Profile Backers: Report
Elon Musk has reportedly pledged to allocate a staggering $45 million per month to a new super political-action committee supporting former President Donald Trump‘s potential 2024 presidential run.
What Happened: Musk, the CEO of Tesla Inc. (NASDAQ:TSLA), has expressed his intention to contribute a substantial sum to the America PAC, a newly formed pro-Trump PAC, reported The Wall Street Journal on Monday, citing people familiar with the matter.
The PAC, established in June, aims to register voters and encourage early voting and mail-in ballots in key swing states.
Backers of the America PAC include Joe Lonsdale, co-founder of Palantir Technologies (NYSE:PLTR), as well as the Winklevoss twins — founders of the cryptocurrency and Bitcoin (CRYPTO: BTC) trading platform Gemini. The PAC is led by former U.S. ambassador to Canada Kelly Craft and her husband, Joe Craft, the CEO of coal producer Alliance Resource Partners, according to the report.
Representatives of Tesla, Palantir, Winklevoss brothers, and Donald Trump’s campaign did not immediately respond to Benzinga's request for comment.
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Why It Matters: Musk’s decision to support a pro-Trump PAC comes as a surprise, given his previous stance on political contributions. In March, Musk publicly announced that he would not be making any financial contributions to either the Republican or Democratic candidates in the 2024 U.S. presidential election.
However, in July, Musk reportedly made a significant donation to the America PAC, marking a significant shift in his approach to political funding. His latest commitment of $45 million per month further solidifies his support for Trump’s potential presidential bid.
Despite his support for Trump’s campaign, Musk has also previously revealed that Trump is a big supporter of electric vehicles, despite his public criticism of the industry.
Moreover, Musk’s recent financial commitment follows a tragic incident at a Trump rally in Butler, Pennsylvania, where a shooting resulted in two fatalities. Musk publicly backed Trump in the aftermath, expressing solidarity with the former president.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote