Media: Elon Musk spends over $290 million to support Trump in 2024 election

New federal filings reveal that Elon Musk spent over $290 million on the 2024 election, primarily supporting President Donald Trump and Republicans.

This has granted the world’s richest person unprecedented access to the new administration, Caliber.Az reports via foreign media. 

The year-end filings, which cover the final five weeks of the year, also highlight the competition for influence as the incoming administration geared up to assume power.

Trump's former campaign committee, now transformed into a new account for leveraging his political influence despite term limits, raised nearly $21 million during the period. At the same time, a major allied super PAC received several contributions of several million dollars, including a $1 million donation from the administration's nominee for ambassador to the UK, made on the very day he was chosen for the position. 

The filings also revealed how both parties and key members are preparing for the 2026 midterm election cycle, with potentially vulnerable incumbents in battleground states such as Georgia, North Carolina, and New Hampshire accumulating significant funds. Meanwhile, the Democratic National Committee spent heavily in the aftermath of the party’s 2024 losses, spending over $56 million to cover headquarters expenses, pay legal fees, and gather voter feedback and donations. 

Elon Musk, the world’s richest man, has emerged as one of Trump’s most influential and omnipresent advisers, playing multiple critical roles in the administration. 

Musk not only has been one of Trump’s top financial backers, having spent over a quarter of a billion dollars in support of the election campaign, but he has also become an integral figure in the transition process. Among his many contributions, Musk has served as a key adviser on policy and personnel. He has been closely involved in vetting candidates for senior administration positions.

By Naila Huseynova