Tesla Inc. CEO and billionaire Elon Musk has reportedly made a significant donation to a super political action committee (PAC) supporting former President Donald Trump’s campaign.
What Happened: Musk has made a contribution to the low-profile America PAC. The exact amount remains undisclosed but is described as a “sizable amount,” reported Bloomberg. The PAC is set to disclose its list of donors on July 15.
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This contribution marks a shift for Musk, who has previously identified as a political independent and expressed a preference for staying out of politics. His support for Trump’s campaign could potentially influence the 2024 presidential election.
Other Republican billionaires, Ken Griffin and Paul Singer, who have previously criticized Trump, are also in discussions about possible donations to his campaign. However, no commitments or decisions have been made yet.
Tim Higgins, author of "Power Play: Tesla, Elon Musk, and the Bet of the Century," underscored the importance of Musk’s donation, stating that this does show the Tesla CEO does not support Joe Biden.
“It would be a big evolution for their relationship. Maybe he’s supporting Trump, but he really doesn’t support Biden,” he told CNBC in an interview.
Musk’s donation comes at a crucial time for Trump’s campaign, which has recently surpassed President Joe Biden’s in fundraising, thanks to the support of wealthy Wall Street and corporate donors.
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The America PAC is primarily working behind the scenes to strengthen Trump’s campaign. Musk’s contribution could provide a significant boost to the Republicans, giving them a major cash advantage in what is shaping up to be the most expensive presidential election in U.S. history.
Musk, whose wealth primarily comes from his holdings in Tesla Inc., has not yet commented on the matter.
Why It Matters: Musk’s donation is a significant departure from his previous stance. In March 2024, he stated that he would not be financially supporting either Trump or Biden.
However, Musk’s interactions with Trump have been increasing, as revealed in a June shareholder meeting, where he disclosed that Trump often calls him "out of the blue."
Musk has also been critical of the Biden administration, responding to a comment about who’s running the country with a cryptic “maybe nobody.”
Furthermore, Musk revealed that Trump is a “huge fan” of Tesla’s Cybertruck, indicating a shared interest in electric vehicles.
While the race between Trump and Biden is close, a recent poll has given an edge to the former president, who leads Biden 44% to 42%.
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