Elon Musk has committed to contributing $45 million monthly to a new Trump affiliated political action committee (PAC). Musk announced his intention on the first day of the Republican National Committee (RNC) in Milwaukee when Trump announced his running mate, Ohio Senator JD Vance.
Musk’s Political Involvement
Musk had previously claimed he would stay out of the 2024 election. However, after Trump was nearly assassinated Saturday, Musk registered his endorsement on X.
Public Endorsement
He wrote, “I fully endorse President Trump and hope for his rapid recovery,” and posted the now iconic photograph of Trump raising his fist, signaling his intention to fight after being shot in the ear.
Growing Relationship
Musk’s relationship with Trump has grown closer this year, and journalists have reported conversations between Musk and Trump about an advisory role for Musk in the Presidential Administration if Trump wins a second term.
Previous Election Stance
In the 2020 presidential election, Musk did not endorse either Trump or President Joe Biden and publicly made mildly critical statements about both candidates without choosing sides.
Musk Statement Following Jan. 6 Riot
Following the January 6, 2021, Capitol Riot, Musk denounced the polarization and violence of the incident but did not comment on Trump’s actions that day.
New PAC Efforts
The new America PAC will spearhead get-out-the-vote registration and voter outreach efforts, bolstering the GOP electoral machine to match the strength and breadth of the corresponding Democratic efforts.
PAC Fundraising
America PAC was established in May and raised $8.75 million in the second quarter of 2024. As of the end of June, the PAC had $100,000 cash on hand. Musk’s donations will begin in July.
Impact on Election Outcome
In an election this close, a successful outcome can be reduced to the party that effectively activates its voters, making the efforts and aims of the PAC critical to electoral victory.
Other Supporters
In addition to Musk, other America PAC supporters include the Winklevoss twins, Joe Lonsdale, another technology entrepreneur, Kentucky Senate Candidate Kelly Craft, the former ambassador to Canada, and coal executive Joe Craft.
Significant Contribution
Musk’s total contribution may reach hundreds of millions of dollars, a potentially unprecedented contribution from the billionaire. Experts say the commitment is one of the most significant donations of the 2024 presidential campaign.
Campaign Costs
The fact that Musk’s donation would be among the most significant contributions in the 2024 election cycle indicates the astronomical amount of money involved in running an effective electoral campaign.
Musk’s Wealth
While the contribution is jaw-dropping for most Americans to consider, Musk’s fortune is in the hundreds of billions, estimated by Forbes at $252 billion.
Musk’s Business Ties
His wealth is due to his CEO roles at Tesla, SpaceX, and the social media platform X (formerly Twitter).
Government Contracts
In the past several years, Musk-led enterprises SpaceX and Tesla have become heavily intertwined with federal government initiatives. SpaceX receives substantial federal defense contracts, and Tesla has benefited from governmental incentives for electric vehicles.
