The businessman will finance a super-fund to encourage the population to vote for the former president.
Elon Musk will donate $45 million per month to the super fund of former US President Donald Trump (Republicans). The information was published on The Wall Street JournalMonday (July 15, 2024).
The fund aims to persuade people to register to vote, especially in states that don’t have a widely favored candidate. Democrats have a history of campaigning to encourage voting, and the Republican group intends to balance forces to achieve that goal.
In US elections it is possible to support a candidate by “excellent PACs (Political Action Committee, in Portuguese). These structures act as private, independent electoral funds that can raise and spend unlimited amounts of money to indirectly support a particular candidate.
In other words, the fund can use tools such as flyers, word of mouth, and advertising to support the candidate or undermine the opposition. However, the money is not used directly in the candidate's campaign, unlike a joint political action committee.
Super fund called America Back It was assembled in June. The group's backers include Palantir Technologies co-founder Joe Lonsdale, twin investors Cameron and Tyler Winklevoss, and former U.S. Ambassador to Canada Kelly Craft and her husband Joe Craft.
According to the record recorded on Monday (July 15), America Back Contributions of $8.75 million had been collected as of June 30 for use over three months. According to The Wall Street JournalMusk will start donating starting in July.
Although it is difficult to determine the amounts donated, the largest donation recorded in 2024 so far is $50 million from the grandson of banker Thomas Mellon to a political action committee supporting Trump.
On X (formerly Twitter), Musk responded to the post: The Wall Street Journal With Mimi written Fake Wild Animalsplay on words fake news.
Watch the meme Musk posted below:
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.