Musk has contributed to a little-known group called America PAC, according to Bloomberg sources familiar with the matter, who asked not to disclose details of his plans. It’s not clear how much Musk donated, but the sources described the amount as significant. The next requirement for the PAC is to reveal its list of donors by July 15, the day of the Republican National Convention. It should confirm Trump as the party’s nominee in the U.S. presidential election.
The move underscores the growing influence of the tech mogul, who tops the Bloomberg Billionaires Index with a net worth of $263.6 billion, and his transition from a self-described political independent who said he prefers to stay out of politics to a figure who regularly uses his social media platform X, the former Twitter (the service is blocked in the Russian Federation) to espouse right-wing views and attacks on Democrats. Musk’s cash injection comes as Trump has outpaced his rival, President Joe Biden, in fundraising with the help of wealthy Wall Street fat cats and corporate donors. Biden’s own fundraising plunged after a disastrous debate that prompted prominent Democratic donors to put away their checkbooks.
Musk has yet to publicly endorse any 2024 candidate and said earlier this year that he had no plans to fund Trump or Biden’s campaign, but his decision to commit funds gives him the opportunity to become a financial force for Republicans. Moreover, Musk’s efforts threaten to deal a crushing blow to Biden and Democrats, who are already mired in an internal party battle over the president’s political future. Musk and Trump have clashed in the past but have now grown closer as the entrepreneur advises the former president on electric vehicle and cryptocurrency policy.
During Tesla’s annual meeting last month, Musk spoke about his relationship with Trump. “He calls me out of the blue and for no reason,” the entrepreneur shared.
