Tech billionaire Elon Musk is planning to contribute approximately $45 million per month to a newly established super PAC supporting former President Donald Trump's bid for the White House, according to a report.
As of the end of June, Musk had not yet made any donations to the super PAC, named America PAC, according to a quarterly financial filing submitted to the Federal Election Commission (FEC) on Monday evening. It remains unclear whether he has made any contributions in July.
America PAC, created in late May, has already attracted donations from other big entrepreneurs. The FEC filing revealed contributions from Palantir co-founder Joe Lonsdale and cryptocurrency billionaires Cameron and Tyler Winklevoss.
Lonsdale contributed $1 million through his entity, Lonsdale Enterprises, as reported by several outlets. The Winklevoss twins each donated $250,000 to the super PAC.
Between its inception and the end of June, America PAC raised $8.8 million and spent $7.8 million, leaving just under $1 million in cash on hand, according to the FEC filing.
The reports of Musk's substantial financial pledge to support Trump came as the Republican National Convention kicked off in Milwaukee, where Trump secured the necessary delegates to officially become the GOP nominee for the 2024 presidential election.
Musk, CEO of Tesla and SpaceX and one of the world's wealthiest individuals, officially endorsed Trump on Saturday, shortly after the Republican presidential nominee survived an assassination attempt at a campaign rally. This marked a shift from Musk's earlier commitment to remain uninvolved in the 2024 presidential race.
According to a report by the Wall Street Journal, Musk will begin his donations this month, breaking his previous promise to stay out of the electoral fray.
Musk's fortune is worth about $252 billion, according to Forbes. Recently, in a post on his social media platform, X, Musk voiced his full endorsement of Trump and expressed hope for his swift recovery, sharing a video of the Republican presidential nominee raising his fist following a recent assassination attempt.
Musk said earlier this year he is "leaning away" from Biden, while not explicitly supporting Trump.
He has been increasingly aligning himself with the former president, with reports from late May indicating discussions about a potential advisory role for Musk in a prospective second Trump administration.
In the past, Musk has donated to members of both parties, and has said he voted for President Joe Biden.
