Elon Musk has pledged to contribute $45 million per month to a pro-Trump political action committee, which would significantly bolster the Republican nominee’s campaign funds through the November election.
Musk’s planned contribution could strengthen Trump’s fundraising lead over President Biden, who has faced a decline in donations in recent weeks. Some donors have expressed interest in supporting a different Democratic candidate. The billionaire entrepreneur endorsed Trump in a tweet following an incident at a rally in Butler, Pennsylvania, on Saturday evening where the former President was reportedly hurt.
Other notable donors to America PAC, a group focused on encouraging voter turnout, include Palantir’s Joe Lonsdale and cryptocurrency billionaires Cameron and Tyler Winklevoss.
The super PAC reported $8.8 million in fundraising during the second quarter, spent $7.8 million, and had roughly $1 million in cash reserves at the beginning of July, according to its latest Federal Election Commission filing.
Musk, who began donating in July, was not listed in the report, which covers donations received between the PAC’s inception on May 22 and the end of June.
Lonsdale contributed $1 million through his company, Lonsdale Enterprises Inc. The Winklevoss twins each donated $250,000. Other contributors include Joe Craft, CEO of Alliance Resource Partners, who gave $1 million. His wife, Kelly Craft, served as U.S. ambassador to the United Nations under Trump.
Douglas Leone of Sequoia Capital and Florida restaurateur James Liautaud each donated $1 million.
These donations reflect the growing support for Trump among prominent figures in the technology and financial sectors, which started after his conviction on felony charges related to hush-money payments in May. Venture capitalist David Sacks hosted a fundraiser for Trump on June 6 that generated $12 million.
Citadel’s Ken Griffin and Paul Singer, founder of Elliott Investment Management, who have been critical of Trump, met with the former President to discuss donating to his presidential campaign. Neither individual has committed to a donation.
Biden’s performance in his town hall with Trump, which triggered internal conflicts within the Democratic Party, has accelerated the shift toward Trump. Some Democrats have expressed dissatisfaction with Biden’s leadership and support for an alternative nominee.
America PAC operates primarily behind the scenes to strengthen the Trump campaign’s grassroots efforts.
While FEC disclosures don’t specify the locations, canvassing and voter mobilization activities are concentrated in key swing states that will determine the outcome of the election.
Democrats have made significant investments in field offices and staff in these swing states, a strategy that Biden regularly promotes in his speeches.
A super-PAC matching these efforts on Trump’s behalf provides Republicans with a substantial financial advantage, allowing them to allocate official campaign funds to other areas. This election is on track to be the most expensive presidential election in U.S. history.
Among outside organizations supporting Trump, America PAC is the largest spender on direct voter outreach. It has spent $15.8 million to date, with $13.1 million dedicated to field operations, according to federal records. The PAC has also invested in digital media, texting, and phone calls to reach voters.
The group focuses on door-to-door persuasion and voter turnout efforts. A recent ruling by the FEC permits super-PACs to coordinate with campaigns on voter outreach.