Elon Musk commits $45 million monthly to back Trump's presidential campaign

Elon Musk plans to donate approximately $45 million per month to support Donald Trump's bid for the US presidency.

The donations will be directed to a political group named America PAC, which aims to boost voter registration, early voting, and mail-in ballots in swing states ahead of the November general election.

Musk joins other prominent backers of the fund, including Palantir co-founder Joe Lonsdale, former US ambassador to Canada Kelly Craft, and cryptocurrency investors Tyler and Cameron Winklevoss, according to sources familiar with the matter cited by foreign media, as per Caliber.Az.

On Saturday, Musk formally endorsed Trump's candidacy following an incident where the former president survived a shooting at a political rally in Butler, Pennsylvania. "I fully endorse President Trump and wish him a speedy recovery," Musk wrote on his social media platform X, which he acquired in 2022.

With an estimated net worth of $250 billion, Musk, the world's wealthiest individual, has developed a closer relationship with Trump during the course of the 2024 US election campaign. The two met in person during a donor breakfast hosted at the Florida residence of billionaire Nelson Peltz in March.

While individual campaign contributions in the US are capped at $3,300 per person, loopholes in the campaign finance system allow major donors to contribute to political action committees (PACs) that support candidates.

Trump had previously criticized mail-in and absentee voting but has softened his stance after recognizing Democrats' advantage among mail voters.